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Equities Roundup: Energy Sector Gains After Crude Inventory Draw

US STOCKS
  • Stocks are trading mixed, reversing the prior session's moves with Dow components outperforming weaker SPX and Nasdaq stocks late Wednesday.
  • DJIA had a rocky climb to 33671.72 -- up 97.99 points (0.29%), while SPX trades down 12 points (-0.28%) at 4277.75, Nasdaq down 134.6 points (-1%) at 13143.02.
  • Leading gainers: Energy sector lead by a broad based support in drillers, refiners and distributors as crude inventories showed a small draw vs the market expectation of a small build driven by a large increase in refinery utilization and drop in imports. Utilities followed, supported by independent power and renewable energy shares.
  • Laggers: Reversing prior session gains, Communication Services, Information Technology and Consumer Discretionary sectors underperformed, the latter despite automakers trading strong (Ford +4.5%, GM +2.75%).
  • For a technical perspective, S&P E-minis are in a consolidation mode but the trend condition is bullish following recent gains. Resistance at 4244.00, Feb 2 high and a bull trigger, has recently been cleared. The break reinforces bullish conditions and confirms a resumption of the uptrend that started in October 2022. The focus is on 4327.50 next, the Aug 16 2022 high (cont). The 50-day EMA, at 4155.00 remains a key support. A break is required to signal a reversal.
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