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Equity Roundup: Trading Mixed, Tesla Earnings After the Close

US STOCKS

Stock trade mixed: SPX eminis currently trading +11 (0.28%) at 3950.75; DJIA -78.39 (-0.25%) at 31755.45; Nasdaq +130.9 (1.1%) at 11847.06.

  • Positive early earnings announcements: Abbott Labs (ABT) $1.43 vs. $1.119, Elevance Health (ELV) $8.04 vs. $7.771 est, M&T Bank $310 vs. $2.854, MarketAxess (MKTX) $1.78 vs. $1.718, Biogen (BIIB) $5.25 vs. $4.102, Nasdaq (NDAQ) $2.07 vs. $1.909.
    • Sampling of after the close annc's: Tesla (TSLA) $1.711, Alcoa (AA) $2.392, Discover (DFS) $3.798, United Airlines (UAL) $1.884.
  • Stocks trimmed gains in the second half after report from site The Information stated "Google said it will pause hiring for two weeks, after saying last week it would slow its pace of hiring for the rest of the year".
  • Technicals: ESU2 trades through the 50-day EMA of 3950.34 and making new monthly high in the process of 3977.25. Nonetheless, prices are lower on the day into the cash open, keeping most nearby resistance levels intact. This confirms short-term gains remain considered corrective.
  • A clear breach and close above the 50-day EMA would strengthen a bullish case. On the downside, a resumption of weakness and a break of 3923.75 low, would instead open key support at 3639.00, Jun 17 low.
  • SPX leading/lagging sectors: Consumer Discretionary +1.38%, Information Technology (+1.28%), Communication Services (+0.78%). Laggers: Health Care (-1.14%), Utilities (-1.0%) and Consumer Staples (-0.95%) .
  • Dow Industrials Leaders/Laggers: Salesforce.com (CRM) +9.02 at 182.83, Disney (DIS) +3.56 at 103.17, Microsoft (MSFT) +2.65 at 262.18. Laggers: United Health (UNH) -13.98 at 519.47, Procter and Gamble (PG) -2.47 at 141.57, Merck (MRK) -2.34 at 90.02.
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