Equity Roundup: Twitter Not-So-Hot Potato

Stocks trading modestly weaker, near session lows ahead midday, directional at the moment with Tsy yields as rates more than make up for last Fri's post-jobs data sell-off. SPX eminis currently trading -41.5 (-1.06%) at 3859.5; DJIA -49.71 (-0.16%) at 31334.59; Nasdaq -236.9 (-2%) at 11398.22.

• Technicals: S&P E-Minis traded higher last week and price remains above recent lows. The outlook is bearish though following the 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 3985.11.
• SPX leading/lagging sectors: Health Care -.16%, Consumer Staples (-0.24%) and Utilities (-0.32%). Laggers: Consumer Discretionary (-2.33%) weighed down by autos, particularly Tesla (TSLA) -5.745%, Communication Services (-2.25%) ironically weighed down by Twitter (TWTR) -8.20% after Elon Musk announced late Friday he wants to back out of purchase, lawsuits to follow.
• Dow Industrials Leaders/Laggers: Home Depot (HD) +1.73 at 288.20, Merck (MRK) +1.51 at 94.29 and Visa Inc (V) +1.42 at 204.99. Laggers: Caterpillar (CAT) -3.60 at 175.50, Microsoft (MSFT) -3.54 at 264.11, Boeing (BA) -3.56 at 135.51 and Goldman Sachs (-2.78) at 293.69.
• Reminder: Earnings season kicks off this week, with financials and banks the early focus. Just over 5% of the S&P 500 by market cap are due to report, with the releases in focus including JP Morgan, Morgan Stanley, BNY Mellon, BlackRock, Citigroup, State Street, UnitedHealth and Wells Fargo.