April 03, 2024 16:01 GMT
Equities Roundup: Rebound
US STOCKS
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- Stocks are trading firmer ahead midday, paring shorts ahead Federal Reserve Chairman Powell's economic outlook discussion at a Stanford forum (text, Q&A) at 1215ET. S&P Eminis still off early Monday's all-time high of 5333.50 at 5273.0 +12.5 (0.24%), DJIA up 39.04 points (0.1%) at 39208.87, Nasdaq up 64.5 points (0.4%) at 16304.5.
- Leading Gainers: Information Technology and Industrial sectors outperformed in the first half, hardware and chip makers supported IT: Fortinet +3.91%, Micron +3.67$, Western Digital +3.62%. Ground transportation stocks buoyed the Industrial sector: Old Dominion +2.35%, UBER +1.86%, UPS +1.18%.
- Laggers: Consumer Staples and Real Estate sectors underperformed in the first half, personal products makers weighed on the former: Estee Lauder -4.05%, Procter & Gamble -2.61%, Kenvue -2.55%. Real Estate Investment Trusts, particularly specialized and office REITS weighed on the latter: Crown Castle -1.77%, Public Storage -1.69%, SBA Communications -1.30%.
- Technicals for S&P Eminis: The trend condition is unchanged and remains bullish, however, the move lower yesterday highlights a corrective cycle that suggests potential for a bearish extension. The contract has breached bull channel support - at 5282.02 - drawn from the Jan 17 low. This has exposed the 20-day EMA, at 5242.12. Clearance of this average would open 5132.64, the 50-day EMA. Key resistance is 5333.50, Monday’s high.
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