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Equities Roundup

US STOCKS
  • Stocks continue to reverse early morning gains, Nasdaq outperforming amid carry-over support for Information Technology shares after Nvidia's unprecedented surge last Thursday
  • Currently, S&P E-Mini futures are down 11.75 points (-0.28%) at 4202.0; Nasdaq down 1.3 points (0%) at 12974.65; DJIA down 156.84 points (-0.47%) at 32937.69
  • For a technical perspective, trend conditions for S&P E-minis remain bullish. Last week’s bounce from 4114.00, May 24 low, means that support around the 50-day EMA remains intact.
  • The average intersects at 4129.2 and a clear break of it is required to signal a reversal. For now, the focus is on key resistance at 4244.00, the Feb 2 high. Clearance of this hurdle would resume the uptrend that started on Mar 13.
  • Leading laggers: Information Technology, Real Estate and Consumer Discretionary shares, held modest gains, lead by semiconductor stocks: Qualcomm (QCOM) +4.20$, Nvidia and Enphase Energy both up +3.45%, While Intel trades +2.85%.
  • leading laggers: Energy, Consumer Staples and Material underperform, a drop in crude prices by nearly $3.50 weighed on energy.

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