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Equity Roundup: Bank Earnings Roll, MS, JPM Miss

US STOCKS
Stocks weaker but off lows -- stocks bounced after Fed Gov Waller cooled carry-over expectations of a 100bp hike at July FOMC after yesterday's "major league" CPI read.
  • While the June CPI may have "anchored" Waller's 75bp hike expectation in a couple weeks, He would "lean toward larger, full-point" hike if "retail sales, housing data are 'materially stronger than expected' Rtrs reported.
  • Short end rates are receding from gap bid post-Waller, while stocks seeing renewed selling last 30 minutes. SPX eminis currently trading -49.25 (-1.29%) at 3755.5; DJIA -409.85 (-1.33%) at 30367.12; Nasdaq -122.5 (-1.1%) at 11126.72.
  • Technicals: S&P E-Minis have traded lower again today but the contract remains above its recent lows. The outlook is bearish, 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 3967.37.
  • SPX leading/lagging sectors: Information Tech (-0.35%), Utilities (-0.56%), Consumer Staples (-0.58%). Laggers: Energy (-3.47%), Materials (-2.53%), and Financials (-2.30%).
  • Dow Industrials Leaders/Laggers: Walmart (WMT) +1.67 at 127.04, Apple (AAPLE) +1.63 at 147.11, IBM +1.43 at 138.61. Laggers: Goldman Sachs (GS) -8.28 at 281.87, JPM -4.58 at 107.33, MS -0.55 at 74.43.
  • Earnings: Morgan Stanley earnings miss (1.44 vs. 1.57 est) after JP Morgan (2.76 vs. 2.883 est) -- both citing unprecedented volatility and deteriorating macro conditions. Bank of NY Mellon, Wells Fargo, Citi Group, Blackrock, State Stree and US Bancorp on Friday.
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