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Equities Roundup: Paring Gains, Real Estate, Utilities Lagging

US STOCKS
  • Stocks are scaling off overnight highs (S&P Emini marked new all-time high of 5333.5) following this morning's higher than expected ISM manufacturing and construction spending results, Nasdaq outperforming. Currently, DJIA is down 219.62 points (-0.55%) at 39587.47, S&P E-Minis down 11.25 points (-0.21%) at 5297, Nasdaq up 11.9 points (0.1%) at 16391.39.
  • Laggers: Real Estate and Utility sectors underperformed in early trade, REITS and estate management shares weighing on the former: Boston Properties -2.36%, American Tower -2.31%, Equinix -2.25%. Water and independent power providers weighed on the latter in the first half: American Water Works -1.93%, AES -1.78%, Eversource -1.54%.
  • Leading Gainers: Communication Services and Information Technology sectors outperformed in early trade: interactive media and entertainment stocks buoyed the former: Google +2.85%, Meta +1.76%, Netflix +0.72%. Meanwhile, chip stocks supported the IT sector amid ongoing AI demand: Micron +6.68%, KLA Corp +2.25%, Broadcom +1.73%.
  • S&P Emini Technicals: Despite this morning's reversal, the trend condition remains bullish. Recent gains reinforce 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 5416.33, the top of a bull channel drawn from the Jan 17 low. Initial firm support is 5226.59, the 20-day EMA. A move lower is considered corrective.
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