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Equity Roundup: Dow Lagging SPX, NASDAQ, Materials Golden for Now

US STOCKS

SPX eminis off morning lows, trading firmer/near pre-open highs w/ESM2 +15.0 (0.37%) at 4115.25. Stocks had reversed gains after the open following lower guidance from Microsoft (4Q EPS $2.24-$2.32, SAW $2.28-$2.35), and Ford auto sales 154,461, DOWN 4.5% Y/Y bbg. While Energy shares lag amid bout of volatility in crude this morning, Materials outperforming lead by metals/mining stocks as Gold gains 21.0 to 1861.50

  • SPX technicals, after ESM2 briefly breached its 50-day EMA yesterday, resistance at 4184.74 today. A clear break of this EMA would strengthen current bullish conditions and signal potential for a climb towards a key resistance at 4303.50, the Apr 26/28 high.
  • Recent gains are still considered corrective and the primary trend is down. A reversal lower would refocus attention on the bear trigger at 3807.50.
  • SPX leading/lagging sectors: As noted Materials lead gainers (+1.71%), followed by Consumer Discretionary (+1.52%) lead by autos: Tesla +4.82% at 776.04, while Ford climbs 2.21% despite the drop in sales.
  • Laggers: Health Care (-1.96%) weighed by biotech and pharmaceuticals; followed by Utilities (-0.61%).
  • DJIA -26.45 (-0.08%) at 32790.73; Nasdaq +121.5 (1%) at 12116.86.
  • Dow Industrials Leaders/Laggers: Boeing (BA) +7.5 at 138.15 while Salesforce.com (CRM) adds to Wed's rally +5.51 at 181.58. Laggers: Amgen (AMGN) -7.33 at 245.99, United Health Care (UNH) -5.57 at 486.98, and Microsoft (MSFT) -4.03 at 268.29.

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