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Equities Roundup: IT, Comm Services Underperforming

US STOCKS
  • Stocks are holding near steady to mixed, off first half highs ahead midday. Currently, the DJIA is up 161.23 points (0.42%) at 38585.7, S&P E-Minis up 4.25 points (0.08%) at 5022.25, Nasdaq down 41.5 points (-0.3%) at 15817.05.
  • Leading gainers: Real Estate and Energy sector shares outperformed in the first half, estate management company CBRE Group buoyed the former as it gained 7.43% after beating earnings this morning, Costar Group only gained 0.5% in comparison. Oil and gas shares supported the Energy sector after paring early week gains yesterday: EQT Corp +3.61%, Occidental Petroleum +3.49%, APA +3.20%.
  • Laggers: Information Technology and Communication Services sectors underperformed, hardware and equipment makers weighed on IT: Cisco -1.75, Apple -1.28%, Hewlett Packard -0.53%. Paring midweek gains, Media and entertainment shares weighed on the Communication Sector: Paramount -6.22%, Google -3%, Comcast -0.37%.
  • Looking ahead: corporate earnings expected after the close: DoorDash Inc, Ingersoll Rand, Roku, Applied Materials
  • Technicals for SPX Eminis: The trend condition in S&P E-Minis is unchanged and remains bullish. The pullback from Monday’s 5066.50 high is considered corrective and support to watch lies at 4947.87, the 20-day EMA. A clear break of this average would suggest potential for a deeper retracement, possibly towards the 4866.00 key support, the Jan 31 low. For bulls, the trigger for a resumption of gains is 5066.50, the Feb 12 high.

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