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Equities Roundup: Chip Stocks, Retailers Underperform

US STOCKS
  • Stocks held near steady to moderately mixed levels in late morning trade, DJIA shares outperformed weaker S&P and Nasdaq shares. Generally quiet on narrow ranges as markets await Thursday's PPI and Retail Sales data. Currently, S&P E-Minis trades down 6.75 points (-0.13%) at 5234.25, Nasdaq down 100.1 points (-0.6%) at 16164.65, DJIA up 147.79 points (0.38%) at 39151.42.
  • Laggers: Information Technology and Consumer Staples sectors underperformed in the first half. Chip stocks reversed prior session gains with Micron -4.09%, Advanced Micro Devices -4.02%, Nvidia -3.19%. Retailers weighed on the Consumer Staples sector: after missing earnings (and announcing the closure of 600 stores) Dollar Tree fell 14.28%, Dollar General -3.10%, Target -1.82%.
  • Leading gainers: Energy and Materials sectors outperformed in the first half, oil and gas shares buoyed the Energy sector as crude prices rallied (WTI +1.64 at 79.20): Valero +5.23%, Marathon Petroleum +3.44%, APA +3.39%. Metals and mining stocks supported the Materials sector as gold also rebounded from Tuesday's sell-off (+13.50 at 2171.84): Freeport-McMoRan +6.22%, FMC Corp +3.57%, Mosaic +2.38%.
  • The trend condition in S&P E-Minis remains bullish and the latest pullback is considered corrective. Last week’s fresh highs reinforce current conditions. Note that price action continues to highlight the fact that corrections remain shallow. This is an important bullish signal highlighting positive market sentiment. Support to watch is 5147.25 the 20-day EMA. A clear break of this average would open 5031.12, the 50-day EMA. Sights are on 5300.00 next.
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