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Equities Roundup: IT, Comm Services Rebound

US STOCKS
  • Stocks are making modest gains ahead midday, a modest recovery from late Thursday lows as markets appear to be fading the hawkish hold messaging from the Fed and BoE this week. Currently, the DJIA is up 25.9 points (0.08%) at 34096.6, S&P E-Mini Future up 15.25 points (0.35%) at 4387.75, Nasdaq up 91.8 points (0.7%) at 13316.21.
  • Leaders: Information Technology, Communication Services and Consumer Discretionary sectors outperformed in the first half. Bargain hunters helped semiconductor stocks lead gains in IT: ON Semiconductor +2.75%, Lam Research +2.65% and Nvidia +2.5%.
  • Communication Services sector shares were supported by a rebound in media and entertainment: Meta +2.6%, Take Two Interactive +2.05%, Activision +1.67%. Discretionary sector was supported by broadline retailers: Amazon +1.82%, Etsy +0.5%.
  • Laggers: Financials and Industrial sectors underperformed Friday, banks lagging insurance companies in the first half: Wells Fargo -2%, Fifth Third -1.4%, Regions Fncl -1.05%. On the flipside, Arch Capital Grp +1.35%, Assuarant +0.95% while Marsh & McLennan +0.7%. Industrials weighed by Aerospace shares: Northrop Grumman -2%, General Dynamics -1.15%, RTX Corp -1.0%.
  • Technicals: A bear cycle in S&P E-minis remains in play and this week’s break lower reinforces current conditions. Thursday’s sell-off resulted in a break of support at 4397.75, the Aug 18 low. The breach reinforces bearish conditions and signals scope for a continuation lower near-term. Sights are on 4352.50, the Jun 8 low. Further out, scope is seen for a move to 4318.00, the Jun 2 low. Initial firm resistance is 4502.22, the 50-day EMA.
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