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Equity Roundup: Autos, Particularly Tesla, Dragging Index Lower

US STOCKS

Well off early overnight high (4187.25 that tested 50-day EMA), stocks continue to sag ahead midday. Not quite back to Tue's lows of the week, but headed in that direction. SPX emini futures, ESM2 currently trading 4104.0 (-69.75) vs. 4072.25 low on Tuesday.

  • Rallies still considered corrective and the primary trend is down, attention on the bear trigger at 3807.50. On the flipside, current 50-day EMA at 4184.37. 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.
  • SPX leading/lagging sectors: Energy sector outperforming (+0.89%) with crude nearing early week highs (WTI +2.39 at 119.26), Utilities follow (-0.38%).
  • Laggers: Consumer Discretionary (-2.80%) with autos dragging index lower -- notably Tesla (-8.64 at 708.07) after waiting period to purchase Twitter under the Hart-Scott-Rodino Antitrust Improvements Act expired. (Twitter shares bounced to 41.01 high). Information Technology (-2.55%) weighed by semiconductor and hardware makers (Micron, Nvidia, Apple and Intuit lead laggers).
  • DJIA -344.28 (-1.04%) at 32893.93; Nasdaq -322.6 (-2.6%) at 11992.49.
  • Dow Industrials Leaders/Laggers: Caterpillar (CAT) 2.21 at 222.21, Chevron (CVX) +1.50 at 177.50 as crude moved back to early week highs. Laggers: United Health Care (UNH) -6.71 at 485.55, Apple (AAPL) -6.40 at 144.81 and Microsoft (MSFT) -5.81 at 268.77.
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Well off early overnight high (4187.25 that tested 50-day EMA), stocks continue to sag ahead midday. Not quite back to Tue's lows of the week, but headed in that direction. SPX emini futures, ESM2 currently trading 4104.0 (-69.75) vs. 4072.25 low on Tuesday.

  • Rallies still considered corrective and the primary trend is down, attention on the bear trigger at 3807.50. On the flipside, current 50-day EMA at 4184.37. 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.
  • SPX leading/lagging sectors: Energy sector outperforming (+0.89%) with crude nearing early week highs (WTI +2.39 at 119.26), Utilities follow (-0.38%).
  • Laggers: Consumer Discretionary (-2.80%) with autos dragging index lower -- notably Tesla (-8.64 at 708.07) after waiting period to purchase Twitter under the Hart-Scott-Rodino Antitrust Improvements Act expired. (Twitter shares bounced to 41.01 high). Information Technology (-2.55%) weighed by semiconductor and hardware makers (Micron, Nvidia, Apple and Intuit lead laggers).
  • DJIA -344.28 (-1.04%) at 32893.93; Nasdaq -322.6 (-2.6%) at 11992.49.
  • Dow Industrials Leaders/Laggers: Caterpillar (CAT) 2.21 at 222.21, Chevron (CVX) +1.50 at 177.50 as crude moved back to early week highs. Laggers: United Health Care (UNH) -6.71 at 485.55, Apple (AAPL) -6.40 at 144.81 and Microsoft (MSFT) -5.81 at 268.77.