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Equities Roundup: Energy Sector Outperforms as Crude Moves Higher

US STOCKS
  • Stocks indexes are trading near steady to mixed at the moment, DJIA shares are up up 90.89 points (0.26%) at 34856.72, S&P E-Mini futures up 4.75 points (0.11%) at 4425.25, Nasdaq down 37 points (-0.3%) at 13439.03.
  • Leading gainers: Energy sector shares outperformed for the second day running Thursday, partially tied to strong bounce in crude prices (WTI +1.42 at 80.80). Oil and gas shares outpaced equipment and services shares in the first half: Exxon Mobil +2.9%, Conoco Philips +2.55%, Valero +2.4%.
  • Materials and Utility sectors were next up, metals and mining shares buoyed the former: Steel Dynamics +2.85%, Freeport-McMoRan +2.15%, Nucor +1.6%, while Gas utility supported the latter: Sempra +1.55%, Atmos and NRG both up +1.15%.
  • Laggers: Information Technology led laggers in the first half, followed by Consumer Discretionary and Health Care sector shares. Despite some strong gainers (Cisco +4.65%, Juniper Networks +2.25%) hardware and semiconductor shares weighed on IT: First Solar -3.75%, Intel -3.45%, AMD -2.3%. Consumer services and distribution shares weighed on Discretionary sector: CarMax -1.45%, Amazon -1.05%.
  • Technicals: A bearish theme in the E-mini S&P contract remains intact and this week’s move lower has reinforced current conditions. The contract has cleared the 50-day EMA and breached channel support drawn from the Mar 13 low - the base is at 4467.06 today. The clear breakout signals scope for a continuation lower and opens the 4400.00 handle next. Initial firm resistance to watch is at the 20-day EMA - at 4506.36.
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