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Equities Roundup: Extending Lows, Utilities, Energy Shares Lagging

US STOCKS
  • Stocks are trading weaker - extending moderate session lows at the moment, no obvious headline driver while Utility and Energy sector shares underperform.
  • Currently, S&P E-Mini future are down 14 points (-0.32%) at 4382.25, Nasdaq down 47 points (-0.3%) at 13593.38, DJIA down 104.4 points (-0.31%) at 34049.86.
  • Initial support for Eminis is well below: 4157.75/4122.25 Low Nov 3 / Low Oct 27 and the bear trigger. initial technical resistance of 4407.75 (intraday high) is followed by 4430.50 (High Oct 12).
  • Laggers: Electricity providers weighed on Utilities: NextEra -and Pinnacle both -2.65%, Alliant -2.6%, Evergy -2.2%. Meanwhile, oil and gas shares weighed on the Energy sector: APA -2.05%, Targa Resources -1.91%, ONEOK and Marthon Oil both -1.75%.
  • Leaders: Real Estate and Information Technology sectors are outperforming, industrial and health care real estate investment trusts (REITS) buoying the former: Prologis +0.82%, Welltower +0.57, Healthpeak Properties +0.55%. Software and services names buoying the IT sector for the second consecutive day: Gen Digital up another 2.65% after gaining over +7% Tuesday after 2Q results beat estimates, ServiceNow Inc +1.29%, Fortiniet +1.20%.
  • Note: Corporate earnings after the close: Twilio Inc, Duolingo Inc, Take-Two Interactive Software, Corteva, MGM Resorts, Lyft, AMC Entertainment, HubSpot, Enviva, AppLovin Corp, Viasat, Beyond Meat, Callaway Brands Corp, Marathon Digital Holdings.

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