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Equities Roundup: Catching Up With Selling Off

US STOCKS
  • Stocks remain weaker ahead midday, partially driven by higher Treasury yields and the prospect of the first interest rate cut from the FOMC pushed to later in the year. The return of Europe markets from the extended Easter holiday weekend contributing as accounts caught up with the move off early Monday's all-time highs in S&P Eminis.
  • Currently, DJIA is down 413.49 points (-1.05%) at 39149.64, S&P E-Minis down 46.5 points (-0.88%) at 5248.5, Nasdaq down 195.8 points (-1.2%) at 16199.78.
  • Laggers: Health Care and Consumer Discretionary sectors underperformed in the first half, insurers and services names weighed on the former as US regulators opted against raising rates for private Medicare plans: Humana -13.87%, CVS -8.45%, UnitedHealth Group -7.11%. Meanwhile, auto maker Tesla weighed on the Consumer Discretionary, -6% amid lower than estimated car deliveries of 387k vs. 433k produced, -8.5% YoY. Parts makers Aptiv -2.09%, BorgWarner -1.11%.
  • Leading Gainers: Energy and Utility sectors outperformed in the first half, partially tied to rise in crude prices (WTI +1.0 at 84.70). Oil and gas shares buoyed the Energy sector: Phillips66 +2.24%, Exxon Mobil and Pioneer Natural Resources both gained approximately 1.6%. Multi-energy providers supported the Utility sector: DTE Energy +1.36%, Entergy +1.1%, while Exelon gained 1.06%.
  • S&P Emini Technicals: The trend condition in S&P E-Minis is unchanged and remains bullish, however, the move lower today highlights a corrective cycle that suggests potential for a bearish extension. The contract has breached bull channel support - at 5272.92 - drawn from the Jan 17 low. This signals scope for a move towards the 20-day EMA, at 5240.19. Clearance of this average would open 5127.42, the 50-day EMA. Key resistance is 5333.50, Monday’s high.
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