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Equities Roundup: Media/Entertainment, Chip Stocks Lead Rebound

US STOCKS
  • Stocks recovered from the initial post-employment data related sell-off Friday, recovering nearly half of the Thursday's geopol-risk related risk-off move in late morning trade. Currently, DJIA is up 195.96 points (0.51%) at 38795.16, S&P E-Minis up 40 points (0.77%) at 5237.5, Nasdaq up 159.3 points (1%) at 16209.02.
  • Leading Gainers: Communication Services and Information Technology sectors lead gainers in the first half, interactive media and entertainment shares buoyed the former: Meta +3.32%, Netflix +2.83%, Google +1.61%. Chip stocks recovering from late Thursday's sell-off with Advanced Micro Devices +3.19%, Applied Materials +2.4%, Monolithic Power +2.23%.
  • Laggers: Utility and Consumer Staples sectors underperformed in the first half, natural gas and independent energy providers weighed on the Utility sector: AES Corp -1.3%, Evergy -1.18%, Eversource Energy -1.17%. Meanwhile, food stocks weighed on Consumer Staples: Campbell Soup -1.73%, Hershey -1.55%, McCormick -1.37%.
  • Technicals: The trend condition in S&P E-Minis remains bullish, however, the recent move lower highlights a corrective cycle and yesterday’s sell-off reinforces this condition. The contract has breached bull channel support drawn from the Jan 17 low, and cleared the 20-day EMA. This has exposed the 50-day EMA, at 5140.22 and the next important support. Key resistance and the bull trigger is 5333.50, the Apr 1 high.
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