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Equities Roundup: Earnings Underwhelm, Geopol Risks Sap Risk Appetite

US STOCKS
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  • Stocks are trading moderately weaker ahead midday, initially under pressure after banks earning's announcements from Wells Fargo and JPM underwhelmed this morning, while renewed Middle East geopolitical risk spurred additional selling ahead the weekend. Currently, DJIA is down 347.91 points (-0.9%) at 38105.79, S&P E-Minis down 54 points (-1.03%) at 5188.5, Nasdaq down 220.1 points (-1.3%) at 16221.02.
  • The trend condition in S&P E-Minis is unchanged and remains bullish. Near-term, the recent move down highlights a short-term corrective cycle and this is allowing an overbought signal to unwind. The contract has breached bull channel support drawn from the Jan 17 low, and cleared the 20-day EMA. A continuation lower would open the 50-day EMA, at 5158.82 and the next key pivot support. Key resistance is 5333.50, the Apr 1 high.
  • Laggers: Information Technology and Consumer Discretionary sectors reversed prior session gains, chip stocks weighing on the former: ON Semiconductor -3.65%, Advanced Micro Devices -3.39%, Intel -3.08%. Autos and consumer services shares weighed on the latter: Ford -2.61%, GM -2.17%, Tesla -1.37% while Royal Caribbean -4.29%, Norwegian Cruis Lines -4.16%.
  • Leading Gainers: Energy and Utility sectors outperformed in the first half, the former as crude prices rallied on Geopol risks (WTI +2.38 at 87.40): Occidental Petroleum +2.47%, Devon Energy +1.78%, Diamondback Energy +1.61%. Meanwhile, multi-energy providers buoyed the Utility sector: Consolidated Edison +0.56%, DTE Energy +0.23%, CMS Energy +0.25%.
  • Quarterly earnings resume next week with Charles Schwab, Goldman Sachs and M&T Bank reporting before Monday's open.
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  • Stocks are trading moderately weaker ahead midday, initially under pressure after banks earning's announcements from Wells Fargo and JPM underwhelmed this morning, while renewed Middle East geopolitical risk spurred additional selling ahead the weekend. Currently, DJIA is down 347.91 points (-0.9%) at 38105.79, S&P E-Minis down 54 points (-1.03%) at 5188.5, Nasdaq down 220.1 points (-1.3%) at 16221.02.
  • The trend condition in S&P E-Minis is unchanged and remains bullish. Near-term, the recent move down highlights a short-term corrective cycle and this is allowing an overbought signal to unwind. The contract has breached bull channel support drawn from the Jan 17 low, and cleared the 20-day EMA. A continuation lower would open the 50-day EMA, at 5158.82 and the next key pivot support. Key resistance is 5333.50, the Apr 1 high.
  • Laggers: Information Technology and Consumer Discretionary sectors reversed prior session gains, chip stocks weighing on the former: ON Semiconductor -3.65%, Advanced Micro Devices -3.39%, Intel -3.08%. Autos and consumer services shares weighed on the latter: Ford -2.61%, GM -2.17%, Tesla -1.37% while Royal Caribbean -4.29%, Norwegian Cruis Lines -4.16%.
  • Leading Gainers: Energy and Utility sectors outperformed in the first half, the former as crude prices rallied on Geopol risks (WTI +2.38 at 87.40): Occidental Petroleum +2.47%, Devon Energy +1.78%, Diamondback Energy +1.61%. Meanwhile, multi-energy providers buoyed the Utility sector: Consolidated Edison +0.56%, DTE Energy +0.23%, CMS Energy +0.25%.
  • Quarterly earnings resume next week with Charles Schwab, Goldman Sachs and M&T Bank reporting before Monday's open.