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Equities Roundup Off Early Highs, REITs and Utility Shares Still Lead

US STOCKS
  • Off early session highs, stocks are still mostly firmer with the DJIA outperforming in late morning trade. Currently, DJIA is up 223.66 points (0.57%) at 39505.55, S&P E-Minis up 7.75 points (0.15%) at 5273.25, Nasdaq down 20 points (-0.1%) at 16296.69.
  • Leading Gainers: Real Estate and Utility sectors outperformed in the first half, real estate investment trusts, particularly industrial and retail REITS buoyed the former: Extra Space Storage +3.03%, Healthpeak Properties +2.73%, Crown Castle +2.69%. Water and multi-energy providers supported the Energy sector: Eversource +2.90%, Dominion Energy +2.68%, CenterPoint Energy +2.64%.
  • Laggers: Reversing prior session gains media and entertainment shares weighed on the Communication Services sector in the first half: Netflix -1.55%, Meta -1.17%, Google -0.90%. Meanwhile, chip stocks weighed on the Information Technology sector as trading accounts squared up ahead the extended Easter holiday weekend: Nvidia -2.83%, Broadcom -1.68%, Lam Research -0.91%.
  • Technicals for S&P Eminis: the trend condition is unchanged and remains bullish. Last week’s extension reinforces this theme and the break of 5257.25, Mar 8 high, confirmed a resumption of the uptrend. Note that moving average studies remain in a bull-mode position reflecting positive market sentiment. Sights are on 5407.23, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5218.00, the 20-day EMA. A move lower is considered corrective.
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