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Equities Roundup: Comm Stocks, Industrials Underperforming

US STOCKS
  • Stocks are trading modestly weaker, off early session lows ahead midday, Communication Services and Industrials sectors underperforming. Currently, DJIA is down 118.22 points (-0.3%) at 39360.68, S&P E-Minis down 6.5 points (-0.12%) at 5286.75, Nasdaq down 2 points (0%) at 16425.89.
  • Laggers: Communication Services and Industrials sectors outperformed in the first half, interactive media and entertainment shares weighed on the former in early trade: Take-Two Interactive Software -6.09% after rumors over delay of gaming software made the rounds, Electronic Arts -1.12%, Meta and Google -1.05%. Professional Services shares weighed on Industrials: Dayforce Inc -3.38%, Robert Half Inc -1.37%, Paycom Software -1.26%.
  • Leading Gainers: Energy and Utilities outperformed in the first half, oil ang gas shares leading as geopolitical tensions drove oil priced higher: APA +3.17%, ConocoPhillips +2.16%, Marathon oils +2.07%. Independent power suppliers buoyed Utilities: AES +0.86%, Constellation Energy 4.21%, NRG -1.30%.
  • Emini technicals for S&P Eminis: The trend condition in S&P E-Minis remains bullish and last week’s extension reinforces this theme. The break of 5257.25, Mar 8 high, confirmed a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5389.02, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5206.16, the 20-day EMA. A move lower is considered corrective.

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