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Equity Roundup: SPX Gains, Autos, Energy Outperforms


Whippy week opener for stocks, mostly/mildly weaker while SPX eminis see-saw to mildly higher levels on 35pt range. By late morning, SPX emini +8.25 (0.19%) at 4462.25, while Dow trades -134.75 (-0.39%) at 34622.35, and Nasdaq -6 (0%) at 13890.29.

  • Following last Fri's rally into triple-witching expiration, SPX emini Jun'22 futures cleared a number of important short-term resistance levels: 20- and 50-day EMAs, the latter an important short-term bullish development and an extension would open 4578.50, the Feb 9 high.
  • Autos in the news: Tesla +2.85% to 931.15 (+25.76) as they continue to dominate/innovate electric car market. On the subject, Volkswagen to invest $7.1B in North America battery cell production project.
  • SPX leading/lagging sectors: Bounce in crude (WTI +5.6 to 110.30) a tailwind for Energy sector (+3.54%) with multiple petroleum drillers, manufacturers, pipelines trading higher. Materials and Utilities sectors distant second (both appr +.83%), mining, drilling and energy transmission outperforming.
  • Laggers: Communication Services (-0.43%) with media and entertainment lagging; Consumer discretionary (-0.26%) - outperforming autos tempered by weaker retailing, consumer services and durables.
  • Dow Industrials Leaders/Laggers: Caterpillar (CAT) +2.87 at 223.78 and Chevron (CVX) +2.59 at 164.32. Laggers: Home Depot (HD) -9.08 at 331.5; Boeing (BA) -8.19, 184.64 under pressure after 737 crash in Guangxi province, China.

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