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Equities Roundup: Real Estate, Utilities, Energy Sectors Outperform

US STOCKS
  • Stocks looking to extend session highs heading into midday, the broad based rally helping S&P E-Mini futures back to one week highs, up 37.25 points (0.82%) at 4554.75, Nasdaq up 121.9 points (0.9%) at 13935.5, DJIA up 310.49 points (0.9%) at 34885.43.
  • Leaders: Real Estate, Utilities and Energy sector shares outperformed. Office and health care real estate investment trusts lead the former: Boston Properties +3.4%, Ventas Inc +2.75%, Alexandria Real Estate +1.8%.
  • Evenly paced Utility and Energy sector shares were buoyed by higher crude prices (WTI +1.34 at 89.86): Marathon +2.05%, ConocoPhillips +1.85%, Hess Corp +1.75%; Constellation Energy +2.2%, First Energy +1.95%, Southern Co +1.75%.
  • Laggers: Health Care, Industrials and Consumer Staples sectors underperformed the day's rally, equipment and service providers weighing on the former: Davita -3.2%, Dexcom -1.95%, Centene -1.25%. Building products shares weighed on Industrials: Trane Technologies -3.07%, Carrier Global -2.65%.
  • Technicals: A bear cycle in the E-mini S&P contract remains in play and the latest gains are considered corrective - for now. Key resistance is unchanged at 4597.50, the Sep 1 high where a break is required to reinstate the recent bullish theme. For bears, a resumption of weakness would signal scope for a move towards the key support and bear trigger at 4397.75, the Aug 18 low. Clearance of this support would strengthen a bearish case.
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