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Equities Roundup: DJIA Outpacing SPX, Nasdaq Indexes

US STOCKS
  • Stocks are trading mixed in afternoon trade, Dow components outperforming mild weakness in SPX and Nasdaq indexes. Currently, DJIA is up 14.41 points (0.04%) at 35573.7, S&P E-Mini futures down 15 points (-0.33%) at 4600, Nasdaq down 50.9 points (-0.4%) at 14295.36.
  • Laggers: Consumer Discretionary, Energy and Utilities sectors traded weak in early afternoon trade. Autos weighed on discretionary stocks, Tesla -2.16%, GM -0.7%, followed by services subsector with hotel, resort and cruise line shares lower: Norwegian Cruise Lines -13.3% (reports strong second quarter but gives poor forward guidance) compared to the next lowest Carnival -5.0% (retiring $1.2B high-ost debt while issuing $500M secured junk bonds).
  • Leading gainers: Information Technology, Industrials and Communication services sectors. Software and services buoyed IT: Now Services +1.2%, Microsoft and Accenture +0.75%.
  • Technicals: E-mini S&P contract remains below 4634.50, last Thursday’s high. The pullback from this level highlights a possible short-term bearish signal. Price has found resistance at the top of a bull channel drawn from the Mar 13 low - the channel top is at 4649.04 today. An extension lower would expose the 20-day EMA - at 4541.71 and a break of it would strengthen bearish conditions. Clearance of the channel top is required to resume the uptrend.
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