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Equities Roundup: Banks Buoyed After Passing Fed Stress Test

US STOCKS
  • Stocks trading mostly higher, near the middle of a narrow session range with S&P E-Mini futures up 9.25 points (0.21%) at 4427, DJIA up 219.95 points (0.65%) at 34074.67, while Nasdaq lagged, down 21.8 points (-0.2%) at 13570.13.
  • Leading gainers: It's been a while, but Financial sector shares are outperforming after the Federal Reserve's stress test results, released late Thursday, showed "large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession."
  • Banks are outpacing insurance and financial services companies with Wells Fargo +4.2%, Goldman Sachs +3.3%, JP Morgan +3.15% in late trade. Materials and Energy sector shares are next up, buoyed by a wide swath of construction material, container/packaging, chemical and metals/mining stocks.
  • Laggers: Communication Services, Consumer Staples and Consumer discretionary stocks lagged. Media and entertainment shares underperformed tele-comm services on the day: Omnicom -1.95%, Google -1.15%, Meta -1.15% and Warner Brothers/Discovery -1.0%.
  • The technical bull theme in S&P E-minis remains intact as the recent pullback still appears to be a correction. The latest move lower has allowed an overbought trend condition to unwind. Attention is on initial key support at the 20-day EMA, which intersects at 4370.75. A break of this average would strengthen a short-term bearish theme and signal scope for a deeper pullback. On the upside, the bull trigger is 4493.75, the Jun 16 high.
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