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Equities Roundup: Regional Banks Rebound

US STOCKS
  • Stocks are drifting near the middle of a narrow session range early in the second half, S&P E-Mini futures currently trading down 2 points (-0.05%) at 4279.5; Nasdaq up up 29 points (0.2%) at 13259.03; DJIA down down 85.13 points (-0.25%) at 33478.33.
  • Financials sector stocks lead gainers on the day, regional banks bouncing after Monday's sell-off tied to talk of increasing capital requirements for banks by an average of 20%. At the moment, Comerica (CMA) +6.3%, Zion Bancorp (ZION) +5.75%, and Key Bank +5.25%.
  • Communication Services and Consumer Discretionary sectors also posted modest gains, consumer durables and apparel stocks supporting the latter. Meanwhile, Health Care, Consumer Staples and information Technology sectors underperformed..
  • For a technical perspective, trend conditions for S&P E-minis remain bullish following recent gains. Resistance at 4244.00, the Feb 2 high and a medium-term bull trigger, has been cleared. The break reinforces bullish conditions and confirms a resumption of the uptrend that started in October 2022. The focus is on 4327.50 next, the Aug 16 2022 high (cont). The 50-day EMA, at 4149.71 remains a key support. A break is required to signal a reversal.
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