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Equity Roundup: Weak Data Still Good For Stocks (For Now)

US STOCKS

Stocks firmer, near recent session highs, support in SPX eminis lead by Consumer Staples and Discretionary sectors. Currently, SPX eminis trade +15.5 (0.36%) at 4296.25; DJIA +164.88 (0.49%) at 33926.5; Nasdaq +57.5 (0.4%) at 13104.62.

  • Weak economic data (NY Fed Empire State index -31.5 vs. 5.0 est - largest monthly decline since May '20; NAHB Housing Mkt Index 49 vs. 55) continues to be good new for stocks as it tempers more aggressive rate hike exp for Sep and on.
  • Technicals: new intraday and recovery high of 4298.0 (and gaining). The Sep-22 future sees a modest uptick in volumes on the latest leg higher, bringing the May 4 High at 4306.50 into view; progress through 4306.50 resistance opens the 4345.75, the 2.00 proj of the Jun 17 - 28 - Jul 14 price swing.
  • Earnings winding down but some big retailer earnings remain on tap: Walmart (WMT) early Tuesday: $1.632 est; Home Depot (HD) early Tuesday: $4.983 est; Target (TGT) early Wednesday: $0.725 est; Lowe's Group (LOW) early Wednesday: $4.611 est; Tech: Cisco (CSCO) early Wednesday: $0.816 est; Applied Materials (AMAT) $1.77 est early Thu.
  • SPX leading/lagging sectors: As noted, Consumer Staples (+0.92) and Discretionary (+0.71%) auto makers leading the latter w/ Tesla +3.65%. Laggers: Energy (-1.69%) as crude levels hit on hopes of Iran/EU nuclear deal in the short term, Materials (-0.11%) and Financials (+0.13%).
  • Dow Industrials Leaders/Laggers: Visa (V) +$4.95 at 216.28, Disney (DIS) $3.35 at 124.92 and Goldman Sachs (GS) +3.24 at 357.06. Laggers: Chevron (CVX) -2.94 at 156.91, Merck (MRK) -0.82 at 90.20, Home Depot HD) -0.81 at 314.08.
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