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Equities Roundup: Tesla Leads Consumer Discretionary Sector

US STOCKS
  • Stocks are trading firmer but off open session highs, traders tying early support for stocks to the weaker greenback early Monday. Currently, S&P E-Mini futures are up 18.5 points (0.41%) at 4529.5, Nasdaq up 85.6 points (0.6%) at 13846.79, DJIA up 73.13 points (0.21%) at 34649.05.
  • Leaders: Consumer Discretionary, Consumer Staples and Health Care sectors are outperforming. Discretionary sector led by autos, in particular Tesla +9.35% after Morgan Stanley upgrade. Component maker BorgWarner gained 1.0%.
  • Food, beverage and tobacco names buoyed staples: Bunge Ltd +2.15%, Mondelez +2.05%, while Kraft/Heinz gained 1.9%. Meanwhile equipment and servicers supported Health Care: ResMed +4.4%, Steris +3.7%, Stryker +3.45%.
  • Laggers: Energy, Industrials and Information Technology sectors underperformed. Oil and Gas names saw better selling on profit taking from last week's gains: Devon -3.5%, Marathon -3.0%, APA -2.35 and Diamondback Energy -1.95%. Aerospace and Defense contractors weighed on Industrials: RTX Corp -7.3%, Axon Enterprises -1.65%, while Lockheed Martin slipped 1.15%.
  • Technicals: Despite today's sofr rally, SPX bear cycle remains in play. Key resistance has been defined at 4597.50, Sep 1 high. A break is required to reinstate the recent bullish theme. A resumption of weakness would signal scope for a move towards the key support and bear trigger at 4397.75, the Aug 18 low. A break of this support would highlight a short-term reversal. For bulls, clearance of 4597.50 would open 4685.25, Jul 27 high.
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