BRIEF: EC Approves Italy's 5th NGEU Payment Request For EUR11 billion

MNI BRIEF: ECB's Eye On French Markets, Price Stability Key

MNI BRIEF: Lower Inflation Path Remains Bumpy - Lagarde

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

MNI BRIEF: China Aims For AI Standards By 2026

EZ/UK T-Bill Calendar: Greece, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: 2.60% Aug-34 Bund Due Wednesday

Ita-coin Nowcast Negative For Second Month

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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.
HomepageEquitiesAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.