Equities Roundup: Western Alliance Off Lows; Earning Up Next

Stocks seeing modest sell pressure after drifting off midday lows, session moves all largely bank stress (or denial thereof) headlines. Second half trade is relatively calm as market sets sights on earning after the close and Friday's headline jobs data. DJIA is currently down 300.87 points (-0.9%) at 33112.96; S&P E-Mini Future down 22 points (-0.54%) at 4086.25;

Nasdaq down 18.2 points (-0.2%) at 12007.61.

• PacWest Bank fell more than 60% after it confirmed it was in talks with potential investors early Thursday. By midmorning, shares of Western Alliance Bank sold off more than 50% after a FT wrote an article saying the bank was "exploring strategic options including a potential sale of all or part of its business". Western Alliance categorically denied the article and shares bounced but remained under pressure in the second half.
• S&P E-minis traded to a low of 4063.00 today, bouncing after a breach of short-term level at 4068.75, the Apr 26 low. A clear break of this level, however, would signal scope for a deeper short-term pullback.
• From a trend perspective, the condition remains bullish - moving average studies are in a bull-mode position. Clearance of 4206.25, Tuesday’s high, would confirm a resumption of the trend.
• Quarterly earnings cycle resumes after the close, salient stocks include: Cirrus Logic, Apple, DraftKings, American International Group, Carvana, Lyft, DoorDash, GoDaddy, NCR Corp, Expedia, Motorola Solutions, and Goodyear Tire & Rubber.