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Equities Roundup: Consumer Discretionary, Comm Services Outperforming

US STOCKS
  • Stocks are making moderate gains in late morning gains, Consumer Discretionary and Communication Services sectors outperforming. At the moment: DJIA is up 32.52 points (0.09%) at 37564.45, S&P E-Mini futures up 7.25 points (0.15%) at 4800.75, Nasdaq up 47.1 points (0.3%) at 14907.46.
  • Leading gainers: Broadline retailers buoyed the Consumer Discretionary sector: Home Depo +1.70% after Wedbush upgrade based on home improvement spending expectations, Amazon +1.2%, Lowes +1.0%. Interactive media/entertainment shares buoyed Communication Services for the second day running: Meta +2.89%, Google +0.65%.
  • Laggers: Energy and Materials sector stocks underperformed for the third day running, energy and equipment servicer shares weighing on the former: Baker Hughes -1.64%, Haliburton -1.22%, Schlumberger -0.45%. Metals/mining shares weighed on the Materials sector: Newmont -1.01%, Freeport-McMoRan -0.96%.
  • Reminder, banks lead the next quarterly earnings cycle that starts next week Friday with BlackRock, Bank of America, Wells Fargo, JPMorgan, Citigroup and Bank of NY Mellon.
  • Technicals: S&P E-Minis have recovered from last Friday’s low. Support at the 20-day EMA of 4754.67 has recently been pierced. A clear break of this average would strengthen a short-term bearish threat and open 4694.47, the lower band of a MA envelope. A move through this support would expose the 50-day EMA, at 4661.92. Key resistance and the bull trigger is at 4841.50, the Dec 28 high. Clearance of this level would resume the uptrend.
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