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Equities Under Pressure From Yields But Declines Limited By Nvidia and Energy Surge

US STOCKS
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  • ESM4 has lifted slightly off an earlier low of 5296.75 but at 5307.25 remains under pressure after the strong push higher in Treasury yields.
  • Some notably large sell program have helped the downward pressure, including 1634 names per the NYSE’s TICK index for its largest since Apr 15.
  • 10Y yields are currently +7.3bps from Friday’s close at ~4.54% for highs since payrolls on May 3, with real yields +5.5bps.
  • ESM4 remains easily above support at 5259.02 (20-day EMA) whilst resistance is seen at cycle highs of 5368.25 (May 23 high).
  • E-minis: S&P 500 (-0.2%), Nasdaq 100 (unch), Dow Jones (-0.8%) and Russell 2000 (-0.5%).
  • SPX movers: IT (+1.1%, dominated by Nvidia +6.9%) and energy (+1.0%, aided by 3.1% for WTI from Friday’s close). Most other sectors are in the red, most notably health care (-1.5%), industrials (-1.3%), financials (-1.3%) and consumer staples (-1.1%).
  • Those Nvidia gains extend last week’s post-earnings gains with a boost by Elon Musk’s artificial intelligence startup, xAI, raising $5.2bn in an equity offering with a remaining $2bn to be sold, and looking to construct a supercomputer connecting groups of Nvidia’s H100 GPUs.
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  • ESM4 has lifted slightly off an earlier low of 5296.75 but at 5307.25 remains under pressure after the strong push higher in Treasury yields.
  • Some notably large sell program have helped the downward pressure, including 1634 names per the NYSE’s TICK index for its largest since Apr 15.
  • 10Y yields are currently +7.3bps from Friday’s close at ~4.54% for highs since payrolls on May 3, with real yields +5.5bps.
  • ESM4 remains easily above support at 5259.02 (20-day EMA) whilst resistance is seen at cycle highs of 5368.25 (May 23 high).
  • E-minis: S&P 500 (-0.2%), Nasdaq 100 (unch), Dow Jones (-0.8%) and Russell 2000 (-0.5%).
  • SPX movers: IT (+1.1%, dominated by Nvidia +6.9%) and energy (+1.0%, aided by 3.1% for WTI from Friday’s close). Most other sectors are in the red, most notably health care (-1.5%), industrials (-1.3%), financials (-1.3%) and consumer staples (-1.1%).
  • Those Nvidia gains extend last week’s post-earnings gains with a boost by Elon Musk’s artificial intelligence startup, xAI, raising $5.2bn in an equity offering with a remaining $2bn to be sold, and looking to construct a supercomputer connecting groups of Nvidia’s H100 GPUs.