Stocks have trimmed session gains in the last few minutes, still an inside session range for SPX at the moment, Energy sector outperforming for the second consecutive session. Currently, SPX eminis trade -3.75 (-0.09%) at 4272.75; DJIA -116.31 (-0.34%) at 33864.53; Nasdaq +0.9 (0%) at 12939.03.
- Equity earnings: Cycle winding down, Estee Lauder (EL) beat: $0.42 vs. $0.319 est, Kohl's Corp (KSS) $1.11 vs. $1.019 est. After the close: Applied Materials (AMAT) $1.772, Ross Stores (ROST) $1.013 est.
- Technicals: Recent gains confirmed an extension of the positive price sequence of higher highs and higher lows. Moving average conditions are in a bull mode set-up too and the focus is on 4345.75 next, a Fibonacci projection and potentially 4400.00 further out. On the downside, initial firm support is at 4144.39, the 20-day EMA. The 50-day EMA intersects at 4063.32 - a key support.
- SPX leading/lagging sectors: As noted, Energy outperforms (+1.96%) lead by petroleum shares: Halliburton (HAL) +3.94%, Marathon (MRO) +3.72%, Schlumberger (SLB) +3.39%; followed by Information Technology (+0.34%) and Utilities (+0.17%). Laggers: Real Estate (-0.88%, Health Care (-0.83%) weighed by Moderna (MRNA, -4.64%), and Financials (-0.45%).
- Dow Industrials Leaders/Laggers: Cisco (CSCO) +2.68 at 49.34, Boeing (BA) +0.85 at 168.05, IBM +0.53 at 138.32. Laggers: Home Depot (HD) -2.99 at 322.77, Goldman Sachs (GS) -2.05 at 351.69 and 3M (MMM) -1.95 at 145.48.