Equity Roundup: Large Retailers Feeling Pain

Lending bid to Tsys, stock indexes have completely reversed Tue's gains, heading back to last Friday levels. Likely impetus on the back of mostly poor earnings/cutting guidance for large retailers this week tied to supply chain constraints, higher operating costs, etc.

• SPX emini futures currently -103.0 (-2.52%) at 3981.75, Dow Industrials -709.89 (-2.17%) at 31943.48, Nasdaq -348.2 (-2.9%) at 11635.86.
• After Walmart's huge miss Tue, US retail giant Target's miss on EPS and weaker guidance is dragging stock futures lower. Target is now down appr 25%; it had been an outperformer this year, down 7% this year as of Tuesday vs -26% for the S&P consumer discretionary index.
  
• Speaking of supply chain constraints and affect on Tech shares: Cisco reports after the bell today, Applied Materials late Thu.
• After nearing resistance w/early overnight high of 4094.75, trend signals remain bearish for SPX, last week’s continuation lower and fresh cycle lows reinforce this theme and signal scope for a continuation lower. The next objective is 3843.25, the Mar 25 2021 low (cont).
• SPX leading/lagging sectors: Utilities (-0.17%), Real Estate (-1.24%) and Health Care (-1.63%). Laggers: Consumer Discretionary (-4.84) weighed by retailers, consumer durables and autos again, Consumer Staples (-4.55%) as food retail and super-center retailers underperform.
• Dow Industrials Leaders/Laggers: Verizon (VZ) +0.22 at 49.167; Visa (V) -0.15 at 203.85. Laggers: Home Depot HD) -14.12 at 286.83, United Health (UNH) -12.12 at 480.41, Microsoft (MSFT) -9.41 at 257.41.