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Equities Roundup: IT,  Industrials and Communication Services Leading

US STOCKS
  • Stocks have recovered from post jobs data weakness, extending highs heading into the noon hour. Currently, S&P E-Mini futures are up 42.5 points (0.99%) at 4333.25, DJIA up 325.41 points (0.98%) at 33445.04, Nasdaq up 151.7 points (1.1%) at 13370.92.
  • Leaders: Information Technology, Industrials and Communication Services sectors outperformed, software and services stocks leading the former as Palo Alto Networks +3.33%, Arista Networks +3.09%, Advanced Micro Devices +2.91%.
  • Meanwhile, construction and engineering shares buoyed Industrials: Fastenal +1.86%, Eaton Corp +1.81%, Caterpillar +1.58%. Media and entertainment shares helped Communication Services: Interpublic Group +2.29%, Netflix +1.75%, Live Nation +1.7%.
  • Laggers: Consumer Staples, Utilities and Consumer Discretionary sectors underperformed, the former weighed by distribution and retail stocks: Costco -3.45%, Walmart -3.25%, Dollar General -2.45%. Independent power and water providers weighed on Utilities: AES -4.45%, American Water Works -1.35%. Auto makers Tesla -1.7% and Ford -0.3% weighed on Discretionary sector shares.
  • Technicals: Despite the bounce, a bear cycle in S&P E-minis remains in play after price sequence of lower lows and lower highs and signals scope for weakness towards 4194.75, the May 24 low. Pivot resistance is 4441.61, the 50-day EMA. Ahead of the 50-day average is resistance at 4381.68, the 20-day EMA.
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