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Equities Roundup: Utilities, Energy Shares Outperforming

US STOCKS
  • Off early session highs, stocks are trading mildly mixed in second half trade, SPX and DJIA shares outpacing softer Nasdaq. At current levels, SPX and Nasdaq shares are trading at the best levels since mid-April 2022, DJIA best levels since late November 2022.
  • Currently, S&P E-Mini future are up 1 point (0.02%) at 4471.75; DJIA up 1.45 points (0%) at 34408.4; Nasdaq down 29.6 points (-0.2%) at 13753.43.
  • Leading gainers: Utilities, Energy and Consumer Staples sectors outperforming. Electric companies buoyed Utilities in the second half: Edison Int +2.3%, NextEra Energy +2.2% while PG&E and Southern Co gained 1.5%. Energy shares underpinned by another rise in crude prices (WTI +0.81 at 71.43), Diamondback Energy +1.85%.
  • Laggers: Communication Services underperformed as telecom, media and entertainment shares drifted lower (Warner Bros -3.95%, Match -2.15%, Netflix -1.65%). Meanwhile, though chip stocks traded firmer, Information Technology sector weighed down by hardware makers and software/services stocks.
  • For a technical perspective, today's support (or lack of a significant reversal) for SPX Eminis confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows, marking an extension of the bull cycle that started in October 2022. The contract has tested 4491.19, the top of a bull channel drawn from the Oct 2022 low (cont). A clear break would open 4532.08, a Fibonacci projection. Initial support is at 4381.75, the Jun 5 high.
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