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Equities Roundup, Energy, IT, Industrials Outperform

US STOCKS
  • 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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