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Equities Roundup: S&P Eminis Mark New Contract Highs

US STOCKS
  • Stocks are trading mixed ahead midday Friday, the DJIA lagging modest gains in S&P Eminis and Nasdaq. Currently, the DJIA down 133.39 points (-0.34%) at 38592.44, S&P E-Minis up 12 points (0.24%) at 5029.5 vs. new contract high of 5043.0 (knee-jerk bid after CPI revisions release), Nasdaq up 152.6 points (1%) at 15946.51.
  • Leading gainers: Information Technology and Communication Services sectors outperformed in the first half, semiconductor stocks supporting the former: Applied Materials +4.74%, KLA Corp +3.20%, First Solar +2.98%. Sidebar: Nvidia gains 2.74% after announcing investment in new chip unit for cloud firms. Meanwhile, media and entertainment shares buoyed the Communication Sector: Fox +2.55%, Comcast +2.21%, Charter Communications +2.0%.
  • Laggers: Energy and Consumer Staples underperformed in the first half, oil and gas shares weighed on the former: Conoco-Phillips and Exon Mobil both -2.05%, Hess Corp -1.89%. Food and beverage shares weighed on the Consumer Staples sector: PepsiCo -3.07% after disappointing earnings/forward guidance, Kellanova and Hershey both -2.55%.
  • Looking ahead: corporate earnings expected next Monday (after the close): Catalent, Arista Networks, Avis Budget Group, Cadence Design, Waste Management, Goodyear Tire.
  • Technicals: The trend condition in S&P E-Minis is unchanged and remains bullish - this week’s gains reinforce current conditions. The contract has traded to a fresh cycle high again today, confirming a resumption of the uptrend. Recent corrections have been shallow - this also highlights a strong uptrend. The focus is on 5050.14, a Fibonacci projection. On the downside, initial key short-term support has been defined at 4866.00, the Jan 31 low.
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