CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Equities Roundup: Still Bid, Off Cycle Highs Into London Close

US STOCKS
Credit BulletsHomepageCreditEquitiesAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Stocks bounced off early session lows, extended highs following the latest UofM data down-revised inflation expectations. SPX Eminis neared an all time high of 5588.00 from June 20, Nasdaq marked a new all-time high of 18,029.26, while DJIA climbed to 39,436.89 -- well off mid-May high of 40,003.59.
  • Support waned going into the London close, knock-on month end and position squaring ahead of the weekend has pared price action ahead midday. Currently, the DJIA is up 61.82 points (0.16%) at 39225.8, S&P E-Minis up 12.25 points (0.22%) at 5558, Nasdaq up 52.7 points (0.3%) at 17912.26.
  • Technical trend condition in S&P E-Minis is unchanged and signals remain bullish with price trading closer to its recent highs. Resistance at 5430.75, the May 23 high and bull trigger, has recently been cleared. This confirmed a resumption of the uptrend. Note that moving average studies are in a bull-mode position, highlighting positive sentiment. Sights are on 5594.66, a Fibonacci projection. Support to watch is 5480.29, the 20-day EMA.
  • Information technology and Financial sectors outperformed in the first half, semiconductor makers supporting the former: Qorvo +2.54%, KLA Corp +2.38%, Microchip Technology +2.33%, Applied Materials +2.29%. Regional banks buoyed the Financial sector: Key Bank +3.56%, Regions Financial +3.49%, Citizens Financial +3.38%.
  • On the flipside, Utilities and Consumer Discretionary sectors underperformed ahead midday. Independent power and electricity providers weaker: AES -4.77%, NextEra Energy -3.01%, Xcel Energy -1.21%. Apparel weighed on Consumer Discretionary: namely Nike -19.28% after poor sales guidance and easing market share. Meanwhile Lululemon Athletica -2.35%.
248 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Stocks bounced off early session lows, extended highs following the latest UofM data down-revised inflation expectations. SPX Eminis neared an all time high of 5588.00 from June 20, Nasdaq marked a new all-time high of 18,029.26, while DJIA climbed to 39,436.89 -- well off mid-May high of 40,003.59.
  • Support waned going into the London close, knock-on month end and position squaring ahead of the weekend has pared price action ahead midday. Currently, the DJIA is up 61.82 points (0.16%) at 39225.8, S&P E-Minis up 12.25 points (0.22%) at 5558, Nasdaq up 52.7 points (0.3%) at 17912.26.
  • Technical trend condition in S&P E-Minis is unchanged and signals remain bullish with price trading closer to its recent highs. Resistance at 5430.75, the May 23 high and bull trigger, has recently been cleared. This confirmed a resumption of the uptrend. Note that moving average studies are in a bull-mode position, highlighting positive sentiment. Sights are on 5594.66, a Fibonacci projection. Support to watch is 5480.29, the 20-day EMA.
  • Information technology and Financial sectors outperformed in the first half, semiconductor makers supporting the former: Qorvo +2.54%, KLA Corp +2.38%, Microchip Technology +2.33%, Applied Materials +2.29%. Regional banks buoyed the Financial sector: Key Bank +3.56%, Regions Financial +3.49%, Citizens Financial +3.38%.
  • On the flipside, Utilities and Consumer Discretionary sectors underperformed ahead midday. Independent power and electricity providers weaker: AES -4.77%, NextEra Energy -3.01%, Xcel Energy -1.21%. Apparel weighed on Consumer Discretionary: namely Nike -19.28% after poor sales guidance and easing market share. Meanwhile Lululemon Athletica -2.35%.