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Equities Roundup: Bear Cycle Remains Despite Bounce in Stocks

US STOCKS
  • Stocks trading firmer after mixed data this morning (lower than expected weekly claims, GDP growth steady at 2.1%). Stocks extending highs at midday is partially tied to a drop in crude prices (WTI -85 at 92.83) that helps water down increased rate hike projections to temper inflation. Currently, the DJIA is up 218.2 points (0.65%) at 33768.94, S&P E-Mini Future up 40.5 points (0.94%) at 4353.75, Nasdaq up 172.8 points (1.3%) at 13265.49.
  • Leaders: Communication Services, Materials and Information Technology sectors outperformed at midday, media and entertainment providers buoyed the former: Live Nation +3.28%, Meta +2.75%, Charter Communications +2.12%. Construction material stocks buoyed Materials: Vulcan Materials +2.05% and Martin Marietta Materials +2%.
  • Meanwhile, semiconductor stocks helped support IT sector again: AMD +5.7%, Monolithic Power +3.85%, Teradyne +3.75%.
  • Laggers: Utilities, Energy and Consumer Staples sectors underperformed, independent power and water providers weighed on the former: AES -3.58%, American Water Works -2.18%. Oil and Gas providers weighed on the Energy sector: Exxon Mobil -0.96%, Hess -0.5%.
  • Meanwhile, Consumer Staples weighed by household and personal products makers: Proctor & Gamble -0.95%, Kimberly-Clark -0.35%.
  • Technicals: Despite today's bounce, a bear cycle remains. Last week’s sell-off resulted in a break of support at 4397.75, the Aug 18 low. This breach reinforced bearish conditions and signals scope for a continuation lower. Sights are on 4242.15, a Fibonacci retracement point. Initial firm resistance is 4478.37, the 50-day EMA. Short-term gains would be considered corrective.
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