Equity Roundup: Trading Strong, Tracking Bounce in Crude

Stocks trading firmer, near late morning highs on weaker session for rates: 30YY back up to 3.1735% amid apparent thin summer participation and muted balance sheet tolerance to risk. SPX eminis currently trading +42.75 (1.11%) at 3891.5; DJIA +242.43 (0.78%) at 31280.6; Nasdaq +198.5 (1.7%) at 11560.68.

• Support for stocks tracking strong bid for crude amid supply concerns, WTI back over 100.0 at 104.20 +5.67. Reminder, next earnings cycle that kicks off next week.
• Technicals: S&P E-Minis remains above recent lows. The contract remains vulnerable though 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 3991.94.
  
• SPX leading/lagging sectors: Energy sector surges higher (+3.72%) on back of rebound in crude, Marathon, Diamondback, Valero, Schlumberger all leading rally. Consumer Discretionary (+1.94) lead by autos: Borg Warner, Aptiv, Ford and GM outpacing Tesla for once. Laggers: Consumer Staples (-0.29%) weighed by weaker household and personal products, followed by Utilities (+0.22% and Health Care (+0.27%).
• Dow Industrials Leaders/Laggers: Caterpillar (CAT) rebounds +6.13 at 178.44, Boeing (BA) +4.83 at 141.14, Chevron (CVX) +3.79 at 144.57. Laggers: Verizon (VA) -0.82 at 50.69, 3M Co (MMM) -0.81 at 129.02, Proctor Gamble (PG) -0.84 at 145.21.