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Equities Roundup: Energy Sector Shares Lead Rally

US STOCKS
  • Off post-data lows, stocks are trading at/near recent session highs, risk appetite slightly improved as focus turns back to moderating jobs gains (and down-revisions to the two prior releases) ahead of next Wednesday's CPI (MoM 0.3% est vs. 0.1% prior; YoY 3.1% vs. 4.1% prior).
  • Currently, DJIA is up 103.29 points (0.3%) at 34025.82, S&P E-Mini Future up 27.5 points (0.62%) at 4474.5, Nasdaq up 116 points (0.8%) at 13794.89.
  • Leading gainers: Energy, Materials and Industrials sector shares are outperforming. Oil companies trading strong as prospect of tighter global supplies outweighed concerns about higher interest rates that could dampen global growth and energy demand. Schlumberger +7.5%, Haliburton +6.9%, Marathon Petroleum +4.87%, APA +4.75%. Materials and Industrials made similar gains as crude and Gold prices rebounded (WTI +1.38 at 73.18), Gold +16.0 at 1926.90.
  • Laggers: Health Care, Consumer Staples and Utilities sectors underperformed. Pharmaceuticals and biotech shares traded weaker in the second half, Biogen -2.6%, Merck -2.2%, Lilly -1.8%.
  • The technical/bull theme in S&P E-minis bull theme remains intact and the pullback this week appears to be a correction - for now. Attention is on the first support 4409.66, the 20-day EMA. Clearance of this level would expose 4368.50, the Jun 26 low and a key support.
  • On Monday, the contract pierced key resistance and the bull trigger at 4493.75, the Jun 16 high. A clear breach of this level would confirm a resumption of the uptrend opening 4532.08, a Fibonacci projection.

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