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Equity Roundup: Weaker But Off Lows

US STOCKS

Stocks traded weaker by midmorning, off lows for an inside range after hawkish Fed rhetoric weighed heavily on rates markets.

  • In short, Fed Gov Brainard and KC Fed George delivered one-two punch to markets midmorning on the importance of keeping inflation contained by raising rates methodically and starting draw balance sheet draw down as soon as May. Neither directives new but 30YY surged from around 2.50% prior to 2.58% high.
  • Stocks dipped in turn but drew support ahead midday for an inside range ahead noon. S&P eminis trading -22.5 (-0.49%) at 4555 -- ESM2 outlook remains bullish as long as futures remain above 4449.97 50-day EMA. Breach opens up key support of 4320.25 Low Mar 17. Meanwhile, Dow Industrials currently trade -39.61 (-0.11%) at 34877.85, Nasdaq -212.3 (-1.5%) at 14318.03.
  • SPX leading/lagging sectors: Rebounding from Monday's weakness, Utilities sector gains +1.4% lead by electricity providers (can also be argued support on back of cooling recession concerns as 2s10s curve dis-inverts); Health Care Sector also recovers +1.14% supported by equipment mfgs and pharmaceuticals.
  • Laggers: Information Technology (-1.53%) weighed down by semiconductors, and Consumer Discretionary (-1.45%).
  • Dow Industrials Leaders/Laggers: United Health (UNH) surges +12.55 to 522.57 as $13B plan to merge w/ Change Healthcare pushed from summer to year end. Giving back after US listed China stocks outperformed Monday -- SalesForce.com (CRM) -8.01.41 at 210.84.
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