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Equities Roundup: New Cycle Highs for S&P Eminis

US STOCKS
  • Risk-on tone in stocks (and rates) with the Fed in blackout and unable to provide further pushback on projected rate cuts. S&P eminis are making new cycle highs, led by Real Estate and Communication Services sectors. Currently, S&P E-Mini futures are up 23 points (0.47%) at 4892.25, Nasdaq up 96.8 points (0.6%) at 15406.04, DJIA up 219.45 points (0.58%) at 38074.36.
  • Leading gainers: Property management stocks buoyed the Real Estate sector: both CBRE and CoStar Group +1.32%. Media and Entertainment shares led the Communication Services sector higher after the open: Paramount +3.54%, Warner Bros +2.13%, Charter Communications +1.06%.
  • Laggers: Consumer Staples and Energy sectors underperformed in the first half. Food and beverage shares weighed on the former for the second day running: ADM hammered -17.3% after the CFO was put on administrative leave "and cut its earnings outlook pending an investigation into the agricultural trading giant’s accounting practices" Bbg reported. A distant second/third underperformers included Bunge Global -2.03%, Kraft Heinz -0.84%. Meanwhile, oil and gas shares weighed on the Energy sector: Pioneer Natural Resources -0.91%, Exxon Mobil -0.87%, Occidental Petroleum -0.27%.
  • Looking ahead: Corporate earnings on Tuesday: a lot of big names on the schedule: GE, JNJ, Procter & Gamble, 3M, Lockheed Martin, Verizon, Netflix and Texas Instruments tomorrow.
  • Technicals: The uptrend in S&P E-Minis remains intact and Friday’s gains confirmed a resumption of the trend. Resistance at 4841.50, the Dec 28 high has been cleared, marking an extension of the price sequence of higher highs and higher lows. Moving average studies remain in a bull-mode condition, reinforcing the current bullish condition. Sights are on 4900.00 next. Key support lies at 4699.31, the 50-day EMA.
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