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Equities Roundup: Comm Services, Real Estate Sectors Underperform

US STOCKS
  • Stocks are trading modestly weaker Friday, off lows in late morning trade, Communication Services and Real Estate sectors underperforming. Currently, the DJIA is down 36.89 points (-0.1%) at 38733.55, S&P E-Mini Future down 0.75 points (-0.01%) at 5046, Nasdaq down 24 points (-0.2%) at 15882.9.
  • Laggers: for the second consecutive session, media and entertainment shares weighed on the Communication Sector: Paramount -3.61% (down over 5% on the week after Berkshire Hathaway trimmed positions in Paramount as well as HP and Apple), Warner Brothers -1.97%, Meta -1.95%. Meanwhile, estate management shares weighed on the Real Estate sector: Costar Group -1.13%, CBRE -0.91% (taking profits after gaining +7% Thursday on strong earning).
  • Leading gainers: Materials and Heal Care sectors outperformed in the first half, construction materials shares buoyed the former: Vulcan Materials +6.87%, Albemarle +5.29%, Freeport-McMoRan +2.5%. Pharmaceuticals supported the Health Care sector: Eli Lilly +4.42%, Viatris +0.95% while Pfizer gained 0.82%.
  • Looking ahead: corporate earnings on tap next week include Home Depot and Walmart early Tuesday, followed by Caesars Entertainment, Diamondback Energy, Costar, Teladoc, Palo Alto Networks and Chesapeake Energy after the close.
  • Technicals for SPX Eminis: The trend condition in S&P E-Minis is unchanged and remains bullish. The pullback from Monday’s 5066.50 high is considered corrective and support to watch lies at 4957.27, the 20-day EMA. A clear break of this average would suggest potential for a deeper retracement, possibly towards the 4866.00 key support, the Jan 31 low. The trigger for a resumption of gains is 5066.50, the Feb 12 high.
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