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Equities Roundup: Chip Stocks, Interactive Media Outperforming

US STOCKS
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  • Stocks are holding mildly higher levels at midday, upper half of range for the moment as short end rates outperformed after this morning's in-line to softer than expected PPI , tail wind on the back of yesterday's CPI-tied sell-off as rate cut timing moved forward one meeting (Sep'24 vs. Nov'24 now). Currently, DJIA is down 117.22 points (-0.3%) at 38343.73, S&P E-Minis up 5.25 points (0.1%) at 5213.5, Nasdaq up 114.1 points (0.7%) at 16286.08.
  • Leading Gainers: Information Technology and Communication Services outperformed in the first half, chip stocks leading supporting the former: Super Micro +3.64%, Broadcom +2.66%, Nvidia +2.28%. Interactive media and entertainment shares gained for the second day running: Paramount +4.95%, Google +1.17%, Charter Comm +1.01%.
  • Laggers: Energy and Financial sectors underperformed, the former as crude prices receded from Wednesday highs (WTI -0.82 at 85.39): APA -2.08%, Coterra -1.92%, EQT Corp -1.83%. Insurance companies weighed on the Financial sector: Globe Life tumbling 24% after short seller report (Fuzzy Panda), Aflac -2.36%, Travelers -1.68%.
  • The trend condition in S&P E-Minis is unchanged and remains bullish. The recent move down highlights a short-term corrective cycle and last week's sell-off plus yesterday’s move lower, reinforces this condition. The contract has breached bull channel support drawn from the Jan 17 low, and cleared the 20-day EMA. A continuation lower would open the 50-day EMA, at 5155.37 and the next key support. Key resistance is 5333.50, the Apr 1 high.
  • Reminder, the next quarterly earnings starts in earnest late this week with JP Morgan, BlackRock, Wells Fargo, State Street and Citigroup reporting Friday, April 12.
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  • Stocks are holding mildly higher levels at midday, upper half of range for the moment as short end rates outperformed after this morning's in-line to softer than expected PPI , tail wind on the back of yesterday's CPI-tied sell-off as rate cut timing moved forward one meeting (Sep'24 vs. Nov'24 now). Currently, DJIA is down 117.22 points (-0.3%) at 38343.73, S&P E-Minis up 5.25 points (0.1%) at 5213.5, Nasdaq up 114.1 points (0.7%) at 16286.08.
  • Leading Gainers: Information Technology and Communication Services outperformed in the first half, chip stocks leading supporting the former: Super Micro +3.64%, Broadcom +2.66%, Nvidia +2.28%. Interactive media and entertainment shares gained for the second day running: Paramount +4.95%, Google +1.17%, Charter Comm +1.01%.
  • Laggers: Energy and Financial sectors underperformed, the former as crude prices receded from Wednesday highs (WTI -0.82 at 85.39): APA -2.08%, Coterra -1.92%, EQT Corp -1.83%. Insurance companies weighed on the Financial sector: Globe Life tumbling 24% after short seller report (Fuzzy Panda), Aflac -2.36%, Travelers -1.68%.
  • The trend condition in S&P E-Minis is unchanged and remains bullish. The recent move down highlights a short-term corrective cycle and last week's sell-off plus yesterday’s move lower, reinforces this condition. The contract has breached bull channel support drawn from the Jan 17 low, and cleared the 20-day EMA. A continuation lower would open the 50-day EMA, at 5155.37 and the next key support. Key resistance is 5333.50, the Apr 1 high.
  • Reminder, the next quarterly earnings starts in earnest late this week with JP Morgan, BlackRock, Wells Fargo, State Street and Citigroup reporting Friday, April 12.