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Equities Roundup: Energy, Utilities Sectors Outperform, Crude Firmer

US STOCKS
  • Stocks are trading firmer, off recent session highs, levels are back near early Wednesday levels before stronger than expected ISM Services data kicked off two-day round of selling/profit taking. Currently, S&P E-Mini futures are up 11.25 points (0.25%) at 4467.5, Nasdaq up 32 points (0.2%) at 13783.83, DJIA up 97.14 points (0.28%) at 34601.5.
  • Leaders: Energy, Utilities and Materials sectors outperformed. Oil and gas refiners buoyed Energy sector shares as crude prices gained (WTI +.63 at 87.50). Valero Energy +4.5%, Philips66 +3.8% while Marathon Oil gained 3.65%.
  • Independent, electric and renewable power shares backstopped Utilities for a third consecutive session: AES +2.0%, NRG +1.43%, Duke Energy +1.35%. Meanwhile, chemical shares supported Materials: CF Industries +2.55%, Mosaic +2.15%, LyondellBasell Industries +2.1%.
  • Laggers: Industrials, Consumer Staples and Communication Services sectors underperformed. Air freight and logistics weighed on Industrials the day after sagging commercial airlines did the same. FedEx -1.35%, CH Robinson Worldwide -0.65%, Expeditors Int -0.45%. Household and personal products names weighed on Consumer Staples with Estee Lauder -0.9%, Dollar Tree -0.75%.
  • Technicals: Despite the late week bounce, a bear cycle remains in play. Key resistance has been defined at 4547.75, Sep 1 high. A break is required to reinstate the recent bullish theme. Note that recent gains stalled at the area of resistance around the former bull channel base - drawn from the Mar 13 low. The line intersects at 4547.83. This is a bearish development and a continuation lower would expose key support at 4350.00, Aug 18 low.
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