TEST FROM BANK OF CANADA, PLEASE IGNORE

MNI BRIEF: US Existing Home Sales Fall 5.4% To 3.89M In June

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

EZ/UK T-Bill Calendar: 26-Week GTB Auction on Wednesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Wednesday

MNI: US NAR: JUN EXISTING HOME SALES 3.89M SAAR

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Equities Roundup: Energy, IT Sectors Outperforming

US STOCKS
  • Stocks are stronger in late morning trade. Still off Monday's highs, stocks reacted positively to lower than expected ADP private employment data and Federal Reserve Chairman Powell's testimony to congress deemed less hawkish than it could have been. Currently, DJIA is up 244.11 points (0.63%) at 38829.95, S&P E-Minis up 41 points (0.81%) at 5127.25, Nasdaq up 134.7 points (0.8%) at 16074.63.
  • Leading Gainers: Energy and Information Technology sectors outperformed in the first half, oil and gas shares buoyed the former as crude prices rallied (WTI +2.37 to 80.52): Targa Resources +2.53%, Chevron +1.52%, Marathon +1.51%. Continued demand for high end chips for AI applications supported IT: Skyworks +4.90%, Qualcomm +4.55%, Intel +3.67%, Nvidia +3.67%.
  • Laggers: Communication Services and Consumer Discretionary sectors underperformed in the first half, with a mixe of media/entertainment and telecom shares weighing on the former: Charter Communications -2.04%, Disney -1.82%, Verizon -0.88%. Automakers weighed on the Consumer Discretionary sector for the third day running, led by Tesla again -1.9%, while Ford traded -1.23%, GM -0.64%.
  • The trend condition in S&P E-Minis remains bullish and the latest move lower appears to be a correction. Price action continues to highlight the fact that corrections are shallow - this is a bullish signal that highlights positive market sentiment. Support to watch is 5049.64, the 20-day EMA. A clear break of this average would signal potential for a deeper retracement towards 4935.76, the 50-day EMA. Sights are on 5170.86, a Fibonacci projection.
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