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Equities Roundup: Risk Appetite Evaporates on Geopolitical Tensions

US STOCKS
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  • Stocks have reversed morning gains to moderately weaker ahead midday Wednesday. As has been the case for the last week, sellers emerge whenever headlines announce military action or the threat thereof in the Middle East: "STRIKING IRAN'S NUCLEAR FACILITIES 'ON THE TABLE', SAYS EX-MOSSAD INTELLIGENCE CHIEF - SKY NEWS".
  • Trading desks pointed out the divergence between a growing bid in Treasuries vs. weaker stocks, the negative correlation return may be brief - was accelerating ahead of the European close. Currently, DJIA is down 125.05 points (-0.33%) at 37674.22, S&P E-Minis down 21 points (-0.41%) at 5071.5, Nasdaq down 102.3 points (-0.6%) at 15762.87.
  • Laggers: Information Technology and Industrials underperformed in the first half, chip stocks weighing on the former as they reversed prior session gains: Applied Materials -3.42%, KLA Corp -3.10%, Lam Research -2.77%. Transportation stocks weighed on the Industrial sector: JB Hunt -8.26% after missing earnings expectations yesterday including some downgrades, Old Dominion -4.86%.
  • Leading gainers: Utilities and Materials sector shares outperformed in the first half. Gas and multi-energy providers buoyed the former: Southern Co +1.37%, NextEra Energy +1.33%, PG&E +1.31%. Meanwhile, metals/mining shares supported the Materials sector: Freeport McMoRan +1.88%, Newmont +0.73%, Nucor +0.35%.
  • The short-term trend condition in S&P E-Minis is unchanged and remains bearish. This week’s move lower reinforces the current condition - the contract has traded through support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 5070.36 next, a Fibonacci retracement. Clearance of this level would open 5018.00, the Feb 21 low. Firm resistance is seen at 5209.2, the 20-day EMA.
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  • Stocks have reversed morning gains to moderately weaker ahead midday Wednesday. As has been the case for the last week, sellers emerge whenever headlines announce military action or the threat thereof in the Middle East: "STRIKING IRAN'S NUCLEAR FACILITIES 'ON THE TABLE', SAYS EX-MOSSAD INTELLIGENCE CHIEF - SKY NEWS".
  • Trading desks pointed out the divergence between a growing bid in Treasuries vs. weaker stocks, the negative correlation return may be brief - was accelerating ahead of the European close. Currently, DJIA is down 125.05 points (-0.33%) at 37674.22, S&P E-Minis down 21 points (-0.41%) at 5071.5, Nasdaq down 102.3 points (-0.6%) at 15762.87.
  • Laggers: Information Technology and Industrials underperformed in the first half, chip stocks weighing on the former as they reversed prior session gains: Applied Materials -3.42%, KLA Corp -3.10%, Lam Research -2.77%. Transportation stocks weighed on the Industrial sector: JB Hunt -8.26% after missing earnings expectations yesterday including some downgrades, Old Dominion -4.86%.
  • Leading gainers: Utilities and Materials sector shares outperformed in the first half. Gas and multi-energy providers buoyed the former: Southern Co +1.37%, NextEra Energy +1.33%, PG&E +1.31%. Meanwhile, metals/mining shares supported the Materials sector: Freeport McMoRan +1.88%, Newmont +0.73%, Nucor +0.35%.
  • The short-term trend condition in S&P E-Minis is unchanged and remains bearish. This week’s move lower reinforces the current condition - the contract has traded through support at the 50-day EMA, signalling scope for a continuation lower near-term. Sights are on 5070.36 next, a Fibonacci retracement. Clearance of this level would open 5018.00, the Feb 21 low. Firm resistance is seen at 5209.2, the 20-day EMA.