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Equity Roundup: SPX Tops 4500.0 Round Number Resistance

US STOCKS

Stocks continue to climb higher, near late morning highs: SPX emini +45 (1.01%) at 4498, Dow trades +212.14 (0.61%) at 34767.95, and Nasdaq +257 (1.9%) at 14095.52.

SPX topped 4500.00 (Round number resistance) recently to 4506.0 high, opens focus on 4578.50 High Feb 9 and a key resistance.

  • Combination of factors providing tailwind for stocks: broad based share buy backs ("Alibaba boosted its share buyback program to $25 billion from $15 billion" WSJ), renewed support from China to support economy and markets, and peripherally, weaker crude: WTI -$2.47 (-2.2%) at $109.65, weighs on energy sector, while others gain as crude recedes.
  • SPX leading/lagging sectors: Communication sector (+2.49%) with media and entertainment (+2.86%) outpacing telecoms (+0.20%). Information Technology sector (+1.76) with software and services (+1.91%) outpacing hardware (+1.71%) and semiconductor sector (+1.55%).
  • Laggers: As noted, reversal in crude (WTI -2.23 to 109.89) a headwind for Energy sector (-1.67%). After making strong gains Monday multiple petroleum drillers, manufacturers, pipelines trading lower.
  • Dow Industrials Leaders/Laggers: cloudbased software company Salesforce.Com (CRM) outperforming (+6.46 at 220.18), Microsoft (MSFT) a close second (+5.59 at 304.75). Nike (NKE) higher on strong earnings, NA sales growth (+5.69 at 135.88).
  • Laggers: Home Depot (HD) continues to sag -4.44 at 324.93; Chevron (CVX) -1.82 at 162.82.
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