DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Equity Roundup: Bull Cycle Resumes, Techs Strong

US STOCKS

Stocks trading firmer, holding to narrow band near highs over the hour. Currently, SPX eminis trade +37.75 (0.94%) at 4062; DJIA +296.32 (0.92%) at 32493.69; Nasdaq +69.1 (0.6%) at 12101.74. Initial support on rates pricing in less aggressive rate hike expectations after U.S. GDP contracted by 0.9% in the second quarter, far below analyst expectations for a 0.4% gain.

  • SPX technicals: Wednesday's rally confirms a resumption of the current bull cycle and signals potential for a climb towards 4145.75, the Jun 9 high. The next key resistance is at 4204.75, the May 31 high. On the downside, initial support has been defined at 3913.25, the Jul 26 low. A break below this level would highlight a possible early bearish reversal signal.
  • Midmorning pullback on a few earning's misses/profit taking: Overstock (OSTK) miss: $0.17 vs. $0.277 est, Stanley Black-Decker (SWK) miss: $1.77 vs. $2.126 est, T Rowe Price (TROW) $1.79 vs. $2.145 est. Sources cite moves in DAX (+115.73 at 13282.11) and carry-over rally in Microsoft for current rally in SPX.
  • Earnings after the close: Apple (AAPL) $1.158 est, Olin Group (OLN) $2.539% est, Intel (INTC) $0.693 est, Amazon (AMZN) $0.137 est.
  • SPX leading/lagging sectors: Real Estate (+3.23%) lead by Equinix (EQIX) +8.66%, Utilities (+2.82%), and Industrials (+1.62%). Laggers: Communication Services receding after Wed's strong gains (-1.47%) with cable and satellite names underperforming (Charter -8.30%, Comcast -8.74%, Dish -3.9%), followed by Energy sector (-0.09%).
  • Dow Industrials Leaders/Laggers: Honeywell (HON) +6.04, carry-over bid for Microsoft (MSFT) +5.43 to 274.16, United Health (UNH) +5.38 at 539.99. Laggers: Continued weakness for Travelers (TRC) -4.05 at 154.91, Amgen (AMGN) -1.91 at 249.81, Merck (MRK) -1.07 at 90.14
AT&T Market NewsHomepageEquitiesBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.