Equity Roundup: Brace for Non-Benign Year-End

SPX eminis trading weaker, near midday lows after stronger than expected May ISM Manufacturing Index of 56.1 (54.5 exp) broke a two-month streak of weaker levels.

• Rallies still considered corrective, however, primary trend still down. A reversal lower would refocus attention on the bear trigger at 3807.50.
• SPX leading/lagging sectors: Energy regains lead as crude rebounds (+1.14%) w/ energy equipment and servicers outperforming O&G. Utilities and Information Technology sectors both around -0.65%.
• Laggers: Financials (-2.1%) with banks underperforming (some desks noting JPM's Dimon warning over economy: "you'd better brace yourself" for a "non-benign environment by year end". Health Care (-1.96%) as equipment and services lagged biotech and pharmaceuticals.
• DJIA -386.81 (-1.17%) at 32604.23; Nasdaq -172.6 (-1.4%) at 11910.72.
• Dow Industrials Leaders/Laggers: Salesforce.com (CRM) the top performer +15.41 at 175.65, Chevron (CVX) a distant second +.85 at 175.51.
• Laggers: Goldman Sachs (GS) -10.07 at 316.78, United Health Care (UNH) -6.10 at 490.68, Home Depot (HD) -4.46 at 298.29.