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Equities Roundup: Interactive Media, Banks Lead Rebound of Lows

US STOCKS
  • Stocks are extending gains in late morning trade, still not far off the lowest levels since February 22 Thursday. Stocks reacted negatively to hawkish policy comments from NY Fed President Williams earlier (SPX Eminis tapped 5050.75 low) before Communication Services and Financial sector shares led a broad based recovery by midmorning. Currently, DJIA is up 262.49 points (0.7%) at 38014.1, S&P E-Minis up 24.25 points (0.48%) at 5086.25, Nasdaq up 77.9 points (0.5%) at 15761.68.
  • Leading gainers: Interactive media and entertainment shares buoyed Communication Services in the first half: Meta +3.29%, Comcast +1.56%, Match Group +1.39%. Banks led gains in the Financials sector: Comerica +3.51%, Wells Fargo +3.01%, Bank of America +2.04%.
  • Laggers: Utilities and Information Technology sector shares underperformed in the first half. Gas and multi-energy providers weighed on the former: NRG Energy =0.57%, CMS Energy -0.45%, Consolidated Edison -0.39%. Information Technology shares weighed by chip and software makers: Autodesk -2.52%, ON Semiconductors -1.44%, Applied Materials -1.04%.
  • The short-term trend condition in S&P E-Minis is unchanged and remains bearish with price trading closer to this week’s lows. The contract has cleared support at the 50-day EMA, signaled scope for a continuation lower near-term. Sights are on 5018.00, the Feb 21 low, ahead of the 5000.00 handle. Firm resistance is seen at 5195.21, the 20-day EMA. A clear break of the average would signal a possible reversal.
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