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Equities Roundup: Dow Outperforms Ahead Key Data, FOMC

US STOCKS
  • Stocks see-sawing around steady to mixed, off early session lows at midday, Nasdaq shares underperforming. Currently, DJIA trades up 82.93 points (0.23%) at 36327.56, S&P E-Mini futures are down 0.5 points (-0.01%) at 4659.25, Nasdaq down 61.1 points (-0.4%) at 14341.32.
  • Leading gainers: Industrials, Consumer Staples and Financial sectors outperformed in the first half, commercial/professional services shares led the former: Verisk Analysis +3.16%, Ceridian +2.51%, ADP +2.35%. Food and tobacco makers supported staples: Philip Morris +2.07%, ADM +1.86%, Lamb Weston +1.635. Meanwhile, Insurance companies supported Financial: Allstate +4.0%, Everest Grp +2.77%, Progressive +1.85%.
  • Laggers: Communication Services, Information Technology and Consumer Discretionary sectors underperformed. Media and entertainment weighed on the communication services: Meta -3.59% and Google -2.37%. IT sector shares weighed down by Apple (-2.02%). Meanwhile, auto makers weighed on the Discretionary sector: Tesla -1.65% while GM held near steady.
  • Despite the lack of follow through this morning a bullish theme remains intact and the Emini contract after Friday's rally. Since the October 27 reversal, corrections have been shallow - this is a bullish signal. Note too that moving average studies are in a bull-mode position, highlighting positive market sentiment. A continuation higher would signal scope for a climb towards 4690.75, the Aug 2 high. Initial support lies at 4583.14, the 20-day EMA.
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