© 1982-2022 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial
US 10YR FUTURE TECHS

(U2)‌‌ Support Intact For Now

US TSY FUTURES

BLOCKs, More Tsy Sales

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Topics

Equity Roundup: Well Off Lows W/ Oil Trimming Losses

US STOCKS
AT&T Market NewsEquitiesBank of America Market NewsBulletMarketsFixed IncomeForeign Exchange

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
249 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

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