Equity Roundup: Weaker, Financials Continue to Lag, Energy Gains

Stocks extend pre- cash open losses, SPX eminis made early session low recently: 4292.75, near early evening low (4287.25) in the immediate aftermath of Russia shelling Europe's largest nuclear power plant based in Ukraine. Desks eying first technical support of 4227.50/4101.75 Low Feb 25 / Low Feb 24 and a bear trigger. Taking data in stride:

• Equities trimmed losses earlier following better than expected Feb job gains +678k vs. +415k est, AHE declines MoM from 0.61% to 0.03. Overall data appeared "mildly less inflationary, at least from the supply side" one desk commented.
• Focus back on geopolitical: exposure to Russia risk as well as surging oil prices: WTI crude +5.82 at moment to new highs of $113.49/bbl -- opening dialogue over stagflation after Fed Chairman Powell cited oil prices and inflation Thu: +$10 equals .20 inflation.
• SPX leading/lagging sectors: Energy gains +1.68%, Utilities -.23%; Financial sector continues to underperform -2.49%, Consumer discretionary -1.86%.
• Similar for Dow leaders: Chevron (CVX) +3.0 to 159.24 on rating upgrade and crude gains. Goldman Sachs (GS) leads laggers -7.17 to 172.17, American Express (AXP) -7.08 to 200.15
• SPX Technicals: Eminis weaker after contract traded to a fresh weekly high Thu above 20-day EMA at 4393.16. Break of EMA suggests scope for an extension of the current corrective recovery and attention turns to the 50-day EMA at 4473.77. 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.