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Equities Roundup: Utilities, Health Care, Energy Sectors Outperform

US TSYS
  • Stocks have bounced off midmorning lows, drifting in narrow mildly higher channel ahead midday. Currently, DJIA are up 86.93 points (0.25%) at 35312.92, S&P E-Mini Futures up 11.5 points (0.25%) at 4577.25, Nasdaq up 18.1 points (0.1%) at 14081.94.
  • Leading gainers: Utilities, Health Care and Energy sectors are leading in early trade, independent/renewable power provider AES +2.34% ahead midday. Pharmaceuticals and biotech shares trade higher for the second consecutive session: Pfizer subsidiary Zoetis (world's largest producer of medicine and vaccinations for pets and livestock) is up 6.9%, Bio-Rad Labs +4.3%, while Danaher Corp gains 4.2%. Oil and Gas refiners, meanwhile are backstopping Energy sector shares: Phillips66 +1.1%, Valero +1.0%.
  • Laggers: Communication Services, Materials and Industrials underperformed. Media and entertainment shares lagged telecom Friday, advertiser conglomerate Interpublic Group -12.05% after revenue dropped 2.1% YoY to $2.33B, lagging estimates by $60 million, while EPS at $0.74 actually outperformed expectations by 0.14. Ground transportation share weighed on Industrials with CSX -4.2, Norfolk Southern -2.65%.
  • Technicals for SPX Eminis: E-mini S&P finished lower Thursday, consolidating a solid rally this week and helping to alleviate the overbought conditions present in the most recent bout of strength. Prices have topped the bull channel drawn off the March 13th low at 4608.50, marking another positive shift for S/T momentum. This clears the way for a test of the March 29th 2022 high at 4631.00 and - ultimately - all time highs. Any corrective pullback would initially target the 20-day EMA at 4492.63 for support, however the Tuesday low of 4544.50 could also slow any decline.
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