Equity Roundup: Modest Gains, Pharma WEighs

Equity indexes have quietly climbed off weaker, narrow overnight range since the open, making modest gains in late morning trade on light volumes (with much of Europe closed for Easter Monday). No react to in-line NAHB Housing Mkt index at 77, focus on equity earnings.

• Most already announced: Synchrony Financial (SYF), Bank of NY Mellon (BK), Bank of America (BAC), Charles Schwab (SCHW) all beating estimates ahead the open; JB Hunt Transport (JBHT) after the close.
• Bearish threat continues for SPX eminis as EDM2 trades +2.0 at 4389.5, below 50-day EMA, which intersects at 4451.78. Trade below 4400.00 signals scope for weakness towards 4321.07 next, a Fibonacci retracement.
• On the flipside, initial firm resistance has been established at 4519.75, Apr 8 high A break would ease the bearish threat.
• SPX leading/lagging sectors: Energy sector (+1.05%) as oil, gas and consumable fuels outpaces energy equipment/servicing names. Materials sector up second (+0.56) lead by metals/mining stocks.
• Laggers: Health Care (-0.81%) as pharmaceutical and biotech names underperform (Moderna/MRNA -4.35% at 158.33).
• Meanwhile, Dow Industrials currently trade +41.41 (0.12%) at 34491.45, Nasdaq -21.8 (-0.2%) at 13329.22.
• Dow Industrials Leaders/Laggers: Caterpillar (CAT) adds to last week's late rally +4.7384 to 232.54; Goldman Sachs (GS) +3.88 at 325.52. Pharma weaker: Johnson & Johnson (JNJ) -1.65 at 178.25, Amgen (AMGN) -1.49 at 252.53.