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Equities Roundup: Off Early Highs

US STOCKS
  • Stocks have pared modest gains on the open to mildly weaker at the moment: S&P E-Mini Future down 4.5 points (-0.11%) at 4145.25; DJIA down 78.27 points (-0.23%) at 33599.93; Nasdaq down 39.7 points (-0.3%) at 12194.21.
  • Energy, Communication Services and Financial sectors still outperforming, Energy shares supported by a rebound in crude (WTI +1.50 at 72.84), Financials as regional bank stocks continue to recover from last week's selling (PacWest Bancorp +9.5% at the moment vs. over 30% on the open).
  • From a technical point of view, SPX is still well above support at 4062.25 Low May 4 and key near-term support. On the flipside, a continuation higher would refocus attention on key resistance and the bull trigger at 4206.25, the May 1 high. A break of this level would confirm a resumption of the bull trend that started Mar 13.
  • Quarterly earnings resume after the close: Trex, Devon Energy, McKesson Corp, Lucid Group, Talos Energy, Diversified Healthcare Trust, Palantir Technologies, Western Digital Corp, International Flavors & Fragrances and PayPal Holdings.
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