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Equities Roundup: SPX Highest Level Since May 2022, Materials Lead

US STOCKS
  • Stocks reacted positively to lower than expected COI inflation metrics Wednesday, continuing to extend gains in the second half with SPX Eminis climbing to the highest levels since mid-April 2022. At the moment, S&P E-Mini Future up 41.75 points (0.93%) at 4515.25, DJIA up 145.96 points (0.43%) at 34406.16, Nasdaq up 184.1 points (1.3%) at 13944.6.
  • Leading gainers: Materials, Communication Services and Information Technology sectors are outperforming. Materials led on the back of strong gold prices (+25.0 at 1957.00) as mining stock marked strong gains: Newmont +4.35%, Freeport McMoRan +2.75%.
  • Strong media and entertainment shares led Communication Services sector higher for the second day running: Match +3%, Meta +2.85%, Google +1.95%. Renewed demand by AI applications underpinned semiconductor shares: Enphase +5.15%, Monolithic Power +3.5%, Nvidia +3.15%.
  • Laggers: Health Care, Industrials and Consumer Staples sectors underperformed. Pharmaceuticals and biotech shares outpaced health care and equipment makers: Centene -6%, Elevance Health -4.95%, Cigna -4.25%.
  • The technical/bull theme in S&P E-minis bull theme remains intact. Today’s gains have resulted in a break of resistance at 4498.00, the Jun 30 high. This confirms a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. The contract has also traded through 4500.00 and this opens 4532.08, a Fibonacci projection. First support lies at 4420.62, the 20-day EMA. Clearance of this level would be bearish.
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