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Free AccessEquities Roundup: Fed Mester, Kashkari Comments Sap Stock Bid
- Stocks reverse midday highs, trading mostly weaker after cautionary policy comments from MN Fed President Kashkari and Cleveland Fed Mester. Mester cautioned not to expect last year's disinflationary pace to continue, while Kashkari said no cut is possible if inflation "stalls".
- Currently, DJIA is down 127.78 points (-0.33%) at 38986.09, S&P E-Minis down 7 points (-0.13%) at 5258, while Nasdaq leads, up 38 points (0.2%) at 16309.09.
- Leading Gainers: Consumer Discretionary and Communication Services sectors lead gainers in the second half, Ulta Beauty +6.0% lead the personal products subsector, travel & leisure supported by Norwegian Cruise Line +4.46%, while Tesla +4.26% lead autos. Interactive media and entertainment shares buoyed Communication Services: Meta +3.93%, Interpublic Group +1.12%, News Corp +1.07%.
- Laggers: Health Care and Utility sectors underperformed in the second half, biotech shares weighing on the former: AbbVie -3.32%, Amgen -0.79%, Gilead Sciences -0.39%. Meanwhile, natural gas and multi-energy providers weighed on the Utility sector: Southern Co -0.92%, NRG Energy -0.75%, Alliant Energy -0.69%.
- Technicals: The trend condition in S&P E-Minis is unchanged and remains bullish, however, the recent move lower highlights a corrective cycle that suggests potential for a bearish extension. The contract has this week breached bull channel support - at 5291.12 - drawn from the Jan 17 low. This has exposed the 20-day EMA, at 5244.45. Clearance of this average would open 5137.89, the 50-day EMA. Key resistance and the bull trigger is 5333.50, Apr 1 high.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.