Equity Roundup: WMT Tanks, HD Pares Gains, SPX Still Near Highs

Stock indexes holding moderate gains, climbing off midmorning lows to near session highs ahead midday. SPX emini futures currently 53.75 (1.34%) at 4058.5, Dow Industrials +235.34 (0.73%) at 32460.56, Nasdaq +223.7 (1.9%) at 11886.46.

• S&P E-Minis short-term gains are considered corrective and the primary trend direction remains down. Last week’s continuation lower and fresh cycle lows, reinforce the primary bearish trend condition and signals scope for a continuation lower. The next objective is 3843.25, the Mar 25 2021 low (cont).
• In terms of resistance, the key short-term level is 4303.50, the Apr 26/28 high. Initial resistance is at 4099.00, the May 9 high.
• Latest earnings cycle winding down: Home Depot and Walmart annc'd earlier. Home Depot was trading +6% earlier after better-than-expected earnings results for its fiscal first quarter ended May 1, has reversed and currently trades -0.5% at 295.50 (310.94 high). WMT didn't fare as well initially after cutting profit guidance on rising costs, continues to fall -9.8% at 133.70 (-14.51).
• Next to annc: Target early Wednesday. Applied Materials and Cisco Wednesday and Thursday respectively.
• SPX leading/lagging sectors: Materials (+2.27%), Information Technology (+2.20%) w/ semiconductors outperforming.
• Laggers: Consumer Staples (-1.21) food retail and super-center retailers lagging; Utilities (+0.36%)
• Dow Industrials Leaders/Laggers: Goldman Sachs (GS) +5.93 at 309.37; Boeing (BA) +4.38 at 128.43. Laggers: as noted Walmart, Salesforce (-2.06 at 162.06).