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EQUITIES: Cash S&P 500 Shifts Positive on Positive Ukraine, Canada Headlines

EQUITIES
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  • Initially spurred by the Ukraine ceasefire headlines, stocks extend hteir recovery off lows, with the cash S&P 500 broadly back to unchanged to erase the day's deficit. Intraday price action has seen a further jolt higher as Ontario's Ford confirms they have suspended a 25% electricity surcharge that had targeted the US - a sign of reconciliation between the US and Canada. The bounce sticking in recent trade, as oversold tech names and consumer discretionary stocks begin to creep higher.
  • These sectors have been the laggards since the Trump inauguration, and the marginal good news that Ukraine could accept terms on a US-proposed ceasefire has been sufficient to prompt a short-covering based rally. Markets await confirmation from Moscow on any deal here - which could serve as a further positive catalyst.
  • Infitting with the bounce theme, single stocks that have suffered the brunt of recent weakness are sharply higher: Tesla and Netflix shares are gaining ~5% apiece.
  • The e-mini S&P is back above the 5600 level having printed down at 5534.00 earlier today - firm resistance to watch remains 5979.06, the 50-day EMA.     
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  • Initially spurred by the Ukraine ceasefire headlines, stocks extend hteir recovery off lows, with the cash S&P 500 broadly back to unchanged to erase the day's deficit. Intraday price action has seen a further jolt higher as Ontario's Ford confirms they have suspended a 25% electricity surcharge that had targeted the US - a sign of reconciliation between the US and Canada. The bounce sticking in recent trade, as oversold tech names and consumer discretionary stocks begin to creep higher.
  • These sectors have been the laggards since the Trump inauguration, and the marginal good news that Ukraine could accept terms on a US-proposed ceasefire has been sufficient to prompt a short-covering based rally. Markets await confirmation from Moscow on any deal here - which could serve as a further positive catalyst.
  • Infitting with the bounce theme, single stocks that have suffered the brunt of recent weakness are sharply higher: Tesla and Netflix shares are gaining ~5% apiece.
  • The e-mini S&P is back above the 5600 level having printed down at 5534.00 earlier today - firm resistance to watch remains 5979.06, the 50-day EMA.