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Equities Roundup: Tsy Yld Rise Stalls Emini's Rise to New Highs

US STOCKS
  • Stocks trading modestly weaker after S&P Eminis nearly extended new all-time highs this morning, as a sharp rise in Treasury 10Y yield to 4.2903% high spurred profit taking sell-off in the first half. Currently, S&P E-Minis trades down 14 points (-0.27%) at 5218,Nasdaq down 2.1 points (0%) at 16175.14, DJIA down 72.84 points (-0.19%) at 38969.
  • Laggers: Real Estate and Utility sector shares underperformed in early trade, real estate investment trusts, particularly office and industrial REITS weighed on the former: Crown Castle -3.66%, Boston Properties -2.63%, Digital Realty -2.57%. Independent power and water providers weighed on the Utility sector: AES -4.29%, American Water Works -1.77%.
  • Leading gainers: Communication Services and Information Technology sectors outperformed in the first half, interactive media and entertainment shares buoyed the former: Google managing to gain 2.0%, Netflix up 0.31% while Meta gained 0.27%. Meanwhile, the IT sector was lead by software and hardware makers: Microsoft +2.65% to new all-time high of 426.88, Apple +1.77%, KLA Corp +1.38%.
  • The trend condition in S&P E-Minis is unchanged and remains bullish. Last week’s fresh cycle highs reinforce current conditions. Note that price action continues to highlight the fact that corrections remain shallow. This is an important bullish signal highlighting positive market sentiment. Support to watch is 5155.37 the 20-day EMA. A clear break of this average would open 5039.01, the 50-day EMA. Sights are on 5300.00 next.
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