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Equity Roundup: Inside Range Ahead Employment Data, Earnings

US STOCKS
Inside (relatively narrow) range for stocks Wednesday, major stock indexes trading mildly weaker after midday: SPX eminis trading -11.5 (-0.3%) at 3822.75; DJIA -125.48 (-0.41%) at 30845.99; Nasdaq -23 (-0.2%) at 11299.52.
  • Stocks tracked higher Tsys in early trade, pre-data tone risk-off bid for rates on recession concerns w/ stocks supported on prospect of less aggressive 2H rate hikes. Better than expected data (ISM, PMI) weighed on rates since midmorning.
  • Note, range trade likely due to sidelined accts ahead Fri's employment data and start of next earnings cycle that kicks off next week.
  • Technicals: S&P E-Minis are consolidating but maintain a softer tone following last week’s bearish cycle and reversal from 3950.00, the Jun 28 high. The next support lies at 3735.00, the Jun 23 low. A breach of this level would expose key support at 3639.00, the Jun 17 low.
  • On the upside, clearance of resistance at 3950.00 is required to reinstate a bullish theme. This would open the 50-day EMA, currently at 3997.82.
  • SPX leading/lagging sectors: Utilities outperform (+0.57%) followed by Real Estate (+0.39%) and Information Technology (+0.28%). Laggers: Energy sector (-1.19%) trades broadly weaker w/ Crude (WTI -2.80 at 96.73), EOG, Hess, Diamondback, Devon, Marathon all weaker; next up: Consumer Discretionary (-1.07%) with consumer services and autos lagging, followed by Financials (-0.88%) and Materials (-0.85%).
  • Dow Industrials Leaders/Laggers: United Health (UNH) +2.48 at 507.72, Microsoft (MSFT) +1.43 at 264.28, Proctor Gamble (PG) +1.15 at 145.85. Laggers: Goldman Sachs (GS) -4.79 at 292.41, Caterpillar (CAT) -4.16 at 169.60 and Chevron (CVX) -3.86 at 138.80.
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