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Equities Roundup: Energy Leading as Crude Jumps

US STOCKS
  • Stocks are trading mildly mixed at midday, Energy and Information technology sectors helping indexes bounce off early session lows. Currently, S&P E-Mini futures are down 5.75 points (-0.13%) at 4515.5, DJIA down 56.79 points (-0.16%) at 34780.83, Nasdaq up 10.8 points (0.1%) at 14042.06.
  • Energy sector shares outperformed this morning following a surge in crude prices (WTI +1.88 to 87.43) following Bbg headline: "SAUDI TO EXTEND CUT OF 1 MLN B/D FOR 3 MONTHS UNTIL DEC." Leaders included Occidental Petroleum +3.5%, EOG Resources +3.3%, Halliburton +2.55%.
  • Meanwhile, software and services subsector led IT stocks higher in the first half, outperforming chip and hardware makers. Leaders included Oracle +2.4%, Microsoft and EPAM Systems both +1.5%.
  • Laggers: Utilities, Industrials and Materials sectors underperformed, gas and independent energy names weaker: ATO -2.25%, Dominion Energy and AES Corp both -2.2%. Industrials were weighed by transportation and airline shares: Old Dominion -3.65%, Alaska Air -3.25%, American Airlines -2.75, Delta -2.55%. Construction materials names traded weaker: Eastman Chemicals -3.4%, Martin Marietta Materials -2.95%, PPG -2.95%.
  • Technicals: The E-mini S&P contract maintains a firmer tone and the contract is holding on to the bulk of its recent gains. Price has traded above resistance at 4531.67, the base of a bull channel, drawn from the Mar 13 low that was breached on Aug 16. A clear break of this level would strengthen the upleg and open 4560.75, the Aug 4 high. Initial support to watch lies at 4458.00, the 50-day EMA. A return below the average would be a bearish development.
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