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Equities Roundup: Energy, Health Care and Financials Lagging

US STOCKS
  • Stocks are paring early session gains, DJIA underperforming: down 188.86 points (-0.56%) at 33482.34, S&P E-Mini Future down 15.5 points (-0.36%) at 4323.25, Nasdaq up 11.4 points (0.1%) at 13215.7.
  • Laggers: Energy, Health Care and Financials sectors underperforming, equipment and services providers weighing on the Energy sector: Schlumberger -2.69%, Baker Hughes -2.45, Halliburton -2.32%.
  • Health Care also weighed by equipment and services providers: HCA -1.63%, Insulet Corp -1.53%, Becton Dickinson -1.45%. Meanwhile, insurance names weighed on Financials: Travelers -1.63%, Chubb -1.52%, Everest Group -1.35%.
  • Leaders: Consumer Discretionary, Information Technology and Real Estate sectors outperformed. Apparel and luxury goods buoyed Discretionary stocks, Nike +6.63% after reporting better than expected earnings and revenue growth guidance while global apparel and footwear company VFC gained 6.33%.
  • Meanwhile, software and semiconductor stocks helped support IT sector again: Micron +4.37%, Trimble +3.25%, Accenture +2.27%. Management and development shares buoyed Real Estate sector: CBRE +1.55%, CoStar Group +.10%
  • Technicals: A bear cycle in S&P E-minis remains in play and the latest recovery appears to be a correction. The recent break of support at 4397.75, the Aug 18 low, reinforced bearish conditions and signals scope for a continuation lower. Sights are on 4242.15, a Fibonacci retracement point. Initial firm resistance is 4472.85, the 50-day EMA. Ahead of the 50-day average is resistance at 4399.00, the Sep 22 high, and 4435.53, the 20-day EMA.
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