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Free AccessEquities Roundup, Energy, IT, Industrials Outperform
- Stocks are trading mildly higher at midday, near top end of a narrow session range, generally quiet as markets await Wednesday's policy announcement from the FOMC. Currently, S&P E-Mini futures are up 15.5 points (0.34%) at 4513.25, Nasdaq up 39.5 points (0.3%) at 13748.09, DJIA up 103.34 points (0.3%) at 34722.73.
- Leaders: Energy, Information Technology and Industrials outperformed Monday, the former buoyed as crude prices climbed to new highs (WTI at 91.85, +1.08): Marathon and Valero +1.9%, Schlumberger +1.85%, ConocoPhillips +1.4%.
- Hardware and equipment makers led the IT sector: Apple +1.95% amid surge in new iPhone demand in China, Seagate +1.75%, Motorola +1.6%. Electrical equipment makers buoyed Industrials: Rockwell Automation +1.75%, Eaton Corp +1.5%, Emerson +1.35%.
- Laggers: Consumer Discretionary, Real Estate and Materials sectors underperformed with auto makers weighing on the former: Tesla -2.88%, Ford -1.85%, GM -1.35% (UAW strike continues). Office and residential REITS weighed on the Real Estate sector while chemical makers weighed on Materials: FMC -1.75%, Int Flavors & Fragrances -1.55%.
- Technicals: Despite the modest bounce, a bear cycle in the E-mini S&P contract remains in play. Friday’s strong sell-off reinforces this theme and suggests the recent shallow correction higher, is over. Key short-term support has been defined at 4483.25, the Sep 7 low. Clearance of this level would be seen as a bearish development and open 4397.75, the Aug 18 low and a bear trigger. For bulls, a resumption of gains would instead open 4597.50, the Sep 1 high.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.