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Equities Roundup: Communication Services, IT Leads Rebound

US STOCKS
  • Stocks trading mixed, at/near the top end of a narrow session range with Nasdaq shares outperforming: up 20.6 points (0.1%) at 13838.28, DJIA down 116.34 points (-0.34%) at 34303.72, S&P E-Mini Future down 2.75 points (-0.06%) at 4489.5.
  • Leading gainers: Communication Services and Information Technology sector shares outperforming in early session trade. Media and entertainment shares buoyed the former with Meta gaining 3.65%, Google +1.95%, Netflix +0.7% (GS upgraded shares as subscriber numbers increase). In IT, software and services stocks outpaced weaker hardware and equipment makers.
  • Laggers: Materials, Energy and Industrials underperformed in the first half, metals and mining stocks weaker (Gold trading -6.0 at 1919.45 in the first half).
  • The technical/bull theme in S&P E-minis remains intact despite today’s pullback. Last Friday’s gains reinforce a bullish condition. The contract has pierced key resistance and the bull trigger at 4493.75, the Jun 16 high.
  • A clear break of this level would confirm a resumption of the uptrend and pave the way for a climb towards 4532.08, a Fibonacci projection. On the downside, key trend support has been defined at 4368.50, the Jun 26 low.
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HomepageCommoditiesEquitiesAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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