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Equities Roundup: Communication Services, Industrials Help Rebound

US STOCKS
  • Stocks are climbing off recent session lows, Communication Services and Industrials sector shares outperforming. Currently, S&P E-Mini future are up 1.75 points (0.04%) at 4401, Nasdaq up 26.2 points (0.2%) at 13675.44, DJIA down 6.37 points (-0.02%) at 34106.43.
  • Initial support for Eminis is well below: 4257.75/4122.25 (Low Nov 3 / Low Oct 27 and the bear trigger). Initial technical resistance of 4430.50 (High Oct 12) followed by 4435.50 (trendline resistance drawn from the Jul 27 high).
  • Leaders: Communication Services and Industrials outperformed, media and entertainment shares buoyed the former: Disney +7.69%, Take Two Interactive +2.31%, Paramount +1.5%. Meanwhile, capital goods shares helped Industrials in the first half: Transdigm +9.33% after reporting strong earnings this morning, Parker Hannifin and Ingersoll Rand both +2.5.
  • Laggers: Pharmaceutical and biotech shares weighed on the Health Care sector: Eli Lilly -5.21%, Biogen -3.82%, Gilead -3.48%. Meanwhile, auto makers weighed on the Consumer Discretionary sector: namely Tesla -3.52% (US Pres Biden said this morning he supports UAW efforts to unionize at Tesla and Toyota), while Ford and GM slipped 0.95% and 0.87% respectively.
  • Additional corporate earnings after the close: Mettler-Toledo International, Illumina Inc and Wynn Resorts Ltd.

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