Equity Roundup: Through 50D EMA Ahead Latest Earnings Cycle

Equity indexes extending early session lows last few minutes, no obvious headline driver with FI markets weaker as well. SPX eminis currently -51.00 (-1.14%) at 4431well - through 50-day EMA of 4456.43 to new intraday low of 4430.0 -53.75 -- strengthening a bearish case and allow for a deeper pullback towards 4425.96 initially, a Fibonacci retracement. Round number of 4400.0 next key support.

• Generally quiet start to the week, focus on latest earnings cycle that kicks off with financials making up the bulk of releases. JP Morgan and BlackRock due Wed, before Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo follow.
• SPX leading/lagging sectors: Industrials sector (+0.55%) capital good including aerospace and defense outperforming; Financials sector follows (+0.35%) with banks seeing mild rebound after heavy selling late last week/unwinds ahead earnings.
• Laggers: Information Technology sector (-2.34%) as semiconductors continued to lag on chip scarcity (BMW warning scarcity could last until 2023), software outpacing hardware. Energy sector (-2.10%) with oil and gas weighing.
• Meanwhile, Dow Industrials currently trade -166.05 (-0.48%) at 34546.2, Nasdaq -250.9 (-1.8%) at 13459.
• Dow Industrials Leaders/Laggers: Goldman Sachs (GS) bouncing +4.34 to 325.73, followed by Travelers Ins (+2.33 at 187.19) and Amgen (+2.51 at 254.53).
• Carry over weakness in Tech shares: MSFT -11.32 at 285.65, AAPL -3.84 at 166.25.