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Equity Roundup: Well Off Lows W/ Oil Trimming Losses

US STOCKS

Stocks trading mildly weaker at midday -- well off early late overnight lows. SPX emini futures ESU2 currently -6.5 at 3761.5 vs. 3693.5 low.

  • Overnight weakness tied to global growth concerns and a reversal in Oil off highs that spurred risk-off bid for rates. Oil bid evaporated w/ Pres Biden expected to ask Congress to suspend Federal fuel tax for three months at 1400ET (WTI fell through 50- and 100-dma's to 101.67 low in early NY trade).
  • Oil gradually climbing off lows, however, lending to bounce in stocks (O&G shares, Materials, Industrials weaker, however), while Fed Chair Powell's Senate testimony on rates debatably helped squelch the risk-off tone (though recent query over chance of 100bp hike in July not being taken off the table not helping).
  • Technicals: Readings remain bearish and short-term gains are still considered corrective. Moving average studies are in a bear mode condition and recent fresh cycle lows point to a continuation of the downtrend. The focus is on 3600.00 next, and below.
  • SPX leading/lagging sectors: Real Estate (+1.72), followed by Health Care (+1.56%), latter on strong gains in pharmaceuticals (MRNA +5.01%, ABBV +3.16%, LLY +2.65%, JNJ +2.43%). Laggers: As noted Energy sector still underperforming (-3.63%) followed by Materials (-1.5%) and Industrials (-0.50%).
  • DJIA -66.76 (-0.22%) at 30462.18; Nasdaq -10.8 (-0.1%) at 11058.51.
  • Dow Industrials Leaders/Laggers: United Health Grp (UNH) adding to Tue's rally, +7.57 to 487.89 -- after annc $1.5B purchase of health tech company EMIS. JNJ +4.24 at 177.25. Laggers: Chevron (CVX) -5.98 at 148.61, Caterpillar (CAT) -5.77a t190.60
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Stocks trading mildly weaker at midday -- well off early late overnight lows. SPX emini futures ESU2 currently -6.5 at 3761.5 vs. 3693.5 low.

  • Overnight weakness tied to global growth concerns and a reversal in Oil off highs that spurred risk-off bid for rates. Oil bid evaporated w/ Pres Biden expected to ask Congress to suspend Federal fuel tax for three months at 1400ET (WTI fell through 50- and 100-dma's to 101.67 low in early NY trade).
  • Oil gradually climbing off lows, however, lending to bounce in stocks (O&G shares, Materials, Industrials weaker, however), while Fed Chair Powell's Senate testimony on rates debatably helped squelch the risk-off tone (though recent query over chance of 100bp hike in July not being taken off the table not helping).
  • Technicals: Readings remain bearish and short-term gains are still considered corrective. Moving average studies are in a bear mode condition and recent fresh cycle lows point to a continuation of the downtrend. The focus is on 3600.00 next, and below.
  • SPX leading/lagging sectors: Real Estate (+1.72), followed by Health Care (+1.56%), latter on strong gains in pharmaceuticals (MRNA +5.01%, ABBV +3.16%, LLY +2.65%, JNJ +2.43%). Laggers: As noted Energy sector still underperforming (-3.63%) followed by Materials (-1.5%) and Industrials (-0.50%).
  • DJIA -66.76 (-0.22%) at 30462.18; Nasdaq -10.8 (-0.1%) at 11058.51.
  • Dow Industrials Leaders/Laggers: United Health Grp (UNH) adding to Tue's rally, +7.57 to 487.89 -- after annc $1.5B purchase of health tech company EMIS. JNJ +4.24 at 177.25. Laggers: Chevron (CVX) -5.98 at 148.61, Caterpillar (CAT) -5.77a t190.60