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Equities Roundup: Paring Post-Data Gains Ahead Friday Data

US STOCKS
  • Stocks paring midmorning gains after in-line weekly jobless claims data spurred buying/short covering ahead of Friday's headline employment data. At the moment, DJIA is down 2.8 points (-0.01%) at 36051.54, S&P E-Mini futures up 20 points (0.44%) at 4576.25, Nasdaq up 115.7 points (0.8%) at 14263.58.
  • Leading gainers: Communication Services, Consumer Discretionary and Information Technology sectors outperformed, interactive media supporting the former with Google +5.3% after successful launch of Gemini - competing against OpenAI’s ChatGPT, while Meta and Disney both gained near 2%. Automakers led discretionary stocks with GM +1.4% and Ford +1.36% outpacing Tesla +1.26% for once. Semiconductor stocks rebounded from late Wednesday selling -- supported IT: AMD +7.34% (positive reaction to competitive AI chips vs. Nvidia), ON Semiconductor +2.33%, Qorvo +2.16%.
  • Laggers: Health Care, Industrials and Energy sectors underperformed, pharmaceuticals weighing on the former: Moderna -1.53%, Merck -1.20%, LLY -1.14%. Commercial/professional services names weighed on Industrials: Leidos -0.96%, ADP -0.80%, Waste Management -0.7%. Meanwhile, Schlumberger (-0.7%) and Haliburton (-0.52%) weighed on the Energy sector.
  • A bullish theme in S&P e-minis remains intact and the contract continues to trade closer to its recent highs. Since the October 27 reversal, corrections have been shallow - a bullish signal. A resumption of gains would signal scope for a climb towards 4644.75, the Aug 2 high. Initial support lies at 4518.67, the 20-day EMA.
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