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Equities Roundup: Shruging Off CPI Metrics, Chip Stocks Outperform

US STOCKS
  • After a brief post-CPI dip, stocks powered higher early Tuesday, chip stocks and broadline retailing shares helping S&P Eminis trade back near last Friday's all-time high of 5193.00.
  • Looking past the higher than hoped for CPI inflation data that weighed on Tsys and chances of a rate cut in the near term, S&P E-Minis traded up 49.75 points (0.96%) at 5235.25, Nasdaq up 227.3 points (1.4%) at 16245.84, DJIA up 234.77 points (0.61%) at 39004.25.
  • Leading gainers: Information Technology and Consumer Discretionary sectors outperformed in the first half: Nvidia +5.28%, Monolithic Power +2.29%, Advanced Micro Devices +1.74%. Broadline retailers supported the Discretionary sector: Best Buy +2.75%, Amazon +2.56%, Pool Corp +1.28%.
  • Laggers: Utility and Materials sectors underperformed in the first half, Independent and multi energy stocks weighed on the former: AES Corp -1.77%, Constellation Energy -1.77% while Xcel Energy -1.19%. Metals and mining stocks weighed on the Materials sector as gold fell off recent highs (-22.55 at 2160.55): Newmont -3.35%, Nucor -1.23%.
  • The trend condition in S&P E-Minis is bullish and the latest pullback is considered corrective. Last week’s fresh highs reinforce current conditions. Note that price action continues to highlight the fact that corrections remain shallow. This is a bullish signal highlighting positive market sentiment. Support to watch is 5137.36 the 20-day EMA. A clear break of this average would open 5022.53, the 50-day EMA. Sights are on 5300.00 next.
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