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Equities Roundup: Off Post-CPI Lows, Real Estate, Utilities Lagging

US STOCKS
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  • Stocks gapped lower after this morning's higher than expected CPI inflation data squelched rate cut hopes over the next few Fed meetings. Stocks are gradually paring losses ahead midday, however, DJIA is down 497.93 points (-1.28%) at 38383.83, S&P E-Minis down 61 points (-1.16%) at 5199.25, Nasdaq down 173.8 points (-1.1%) at 16131.51.
  • Laggers: Reversing direction after leading gainers yesterday, Real Estate and Utilities underperformed in the first half, estate management and investment trusts weighed on the former: Public Storage -6.47%, Extra Space Storage Inc -5.98%, SBA Communications -5.32%. Independent power and water utilities weighed on the latter: Dominion +1.19%, Sempra +1.1%, American Water Works -3.72%, AES -3.58%, Ameren Corp -3.26%.
  • Leading Gainers: Energy and Communication Services outperformed in the first half, oil and gas shares buoyed the former: Targa Resources +0.7%, Marathon +0.25%, Pioneer Natural Resources +0.21%. Interactive media and entertainment shares up next: Meta +0.41%, Netflix -0.66%, Disney -0.68%
  • The trend condition in S&P E-Minis is unchanged and remains bullish. The recent move down highlights a short-term corrective cycle and last week's sell-off plus today's move lower, reinforces this condition. The contract has breached bull channel support drawn from the Jan 17 low, and cleared the 20-day EMA. A continuation lower would open the 50-day EMA, at 5153.24 and the next key support. Key resistance is 5333.50, the Apr 1 high.
  • Reminder, the next quarterly earnings starts in earnest late this week with JP Morgan, BlackRock, Wells Fargo, State Street and Citigroup reporting Friday, April 12.
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  • Stocks gapped lower after this morning's higher than expected CPI inflation data squelched rate cut hopes over the next few Fed meetings. Stocks are gradually paring losses ahead midday, however, DJIA is down 497.93 points (-1.28%) at 38383.83, S&P E-Minis down 61 points (-1.16%) at 5199.25, Nasdaq down 173.8 points (-1.1%) at 16131.51.
  • Laggers: Reversing direction after leading gainers yesterday, Real Estate and Utilities underperformed in the first half, estate management and investment trusts weighed on the former: Public Storage -6.47%, Extra Space Storage Inc -5.98%, SBA Communications -5.32%. Independent power and water utilities weighed on the latter: Dominion +1.19%, Sempra +1.1%, American Water Works -3.72%, AES -3.58%, Ameren Corp -3.26%.
  • Leading Gainers: Energy and Communication Services outperformed in the first half, oil and gas shares buoyed the former: Targa Resources +0.7%, Marathon +0.25%, Pioneer Natural Resources +0.21%. Interactive media and entertainment shares up next: Meta +0.41%, Netflix -0.66%, Disney -0.68%
  • The trend condition in S&P E-Minis is unchanged and remains bullish. The recent move down highlights a short-term corrective cycle and last week's sell-off plus today's move lower, reinforces this condition. The contract has breached bull channel support drawn from the Jan 17 low, and cleared the 20-day EMA. A continuation lower would open the 50-day EMA, at 5153.24 and the next key support. Key resistance is 5333.50, the Apr 1 high.
  • Reminder, the next quarterly earnings starts in earnest late this week with JP Morgan, BlackRock, Wells Fargo, State Street and Citigroup reporting Friday, April 12.