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Equities Roundup: Financials Sap Market Tailwind

US STOCKS
  • Stocks are trading weaker, SPX off midmorning four week lows at the moment. Financial shares lead the sell-off after early overnight headlines noted Italy announced a "40% levy on the extra profits of lenders for 2023". European bank weakness spilled over to US markets while underpinning rates as well.
  • Of note, the SPDR S&P regional banking ETF, KRE, gapped from appr 49.085 high late Monday to a 46.85 low after the ETF resumed trading overnight.
  • Currently, DJIA shares are down 277.94 points (-0.78%) at 35194.51, S&P E-Mini futures down 39.75 points (-0.88%) at 4497.75, Nasdaq down 169.2 points (-1.2%) at 13824.77.
  • Laggers: Specific banks leading the sell-off include Fifth Third -3.5%, PNC -3.15%, Citizens Financial -3.1%, Huntington Bancshares -2.95%. Shares of Materials stocks also traded weaker, specifically container makers: Sealed Air -7.55% after beating earnings est late Monday while the stock underperformed it's peers; Ball Corp -2.2%, Amcor -2.1%.
  • Leading gainers: Health Care, Energy and Utility sectors outperformed. Pharmaceuticals and Biotech shares buoyed Health Care and outpaced weaker equipment and service providers: Eli Lily up a whopping 14% after beating earnings/sales estimates on strong performance of an obesity medication.
  • Technicals: Bearish conditions in the E-mini S&P contract remain intact. Last week’s sell-off reinforced a bearish threat and resulted in a break of support at the 20-day EMA. The recent failure at the top of the bull channel also highlights a bearish development and the risk of an extension lower near-term. Further downside would open 4457.21, the 50-day EMA.
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