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Equities Roundup: Banks Kick Off Latest Earning Cycle, Mixed Results

US STOCKS
  • Stocks are trading weaker at midday, DJIA underperforming S&P Eminis and Nasdaq stocks on narrow session ranges. Financial sector shares in focus after several banks kicked off the latest earning cycle with mixed results this morning. Currently, DJIA is down 177.09 points (-0.47%) at 37534.92, S&P E-Mini futures are down 5.5 points (-0.11%) at 4810.5, Nasdaq down 19.8 points (-0.1%) at 14951.31.
  • Laggers: Financial and Consumer Discretionary sectors underperformed in the first half, banks weighing on the Financials sector after Bank of America (-2.41%), Wells Fargo (-3.02%) and Citigroup (-1.4%) reported mixed results.
  • Two exceptions: Bank of NY Mellon +3.02% while JP Morgan held small gains after reporting +2% revenue in markets (FI gains tempered by losses in equities). It was notable today that JPM raised its CET1 ratio (a key indicator for credit investors) whereas both BAC and Citi saw theirs drop in 4Q23.
  • Meanwhile, auto makers and parts suppliers/producers weighed on the Consumer Discretionary sector: Tesla -2.76%, Borg-Warner -2.7%, Aptiv -2.15%, Ford -1.67% and GM -1.37%.
  • Leading gainers: Energy and Communication Services sectors outperformed in the first half, oil and gas shares rebounding along with crude prices (WTI +.92 at 72.95): EQT Corp +1.89%, Valero +1.62%, Marathon Petroleum +1.31%. Communication Services sector was buoyed by telecom shares: AT&T +1.91%, Verizon +1.88%, T-Mobile +0.41%.
  • Technicals: S&P E-Minis have remained above the Jan 5 low and the contract has traded higher this week. Key resistance and the bull trigger is at 4841.50, the Dec 28 high. Clearance of this level would resume the uptrend and open 4854.75, a Fibonacci projection. Support at the 20-day EMA of 4766.12 has recently been pierced. A clear break of this average would strengthen a short-term bearish threat and open the 50-day EMA, at 4673.91.
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