Free Trial

Equity Roundup: Paring Early Gains

US STOCKS
Stocks trimming pre-cash-open gains, SPX eminis, Nasdaq OTC and DJIA indexes trading mildly weaker.
  • Early Dow leaders: Honeywell (HON) on positive earnings/guidance and plans to buy back $4B share in 2022. Biotech pioneer Amgen (AMGN) on positive outlook, and United Health (UNH) gaining with insurance sector.
  • SPX leading/lagging sectors: Utilities +1.06%, Consumer Staples +.78%; Consumer Discretionary -1.34%, Financials -0.43%.
  • General calm as focus remains on policy as Fed Chair Powell reprising his semi-annual mon-pol testimony this time to the Senate right now, reiterating stance: 25bps liftoff still appropriate on March 16.
  • Tail risk: geopolitical not far from the front burner as Russia war against Ukraine enters eighth day, US looks to implement more sanctions on Russia.
  • SPX Technicals: E-Mini S&P futures have traded to a fresh weekly high and have moved above the 20-day EMA at 4396.73.
    • The break of this EMA suggests scope for an extension of the current corrective recovery and attention turns to the 50-day EMA at 4478.43. This average represents a key near-term resistance, with trend conditions still highlighting a downtrend. Initial support is seen at 4227.50, Feb 25 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.