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RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Equity Roundup, Not Taking Hawkish Tone Kindly

US STOCKS
Stocks not taking kindly to the double-tap of hawkish policy headlines from the ECB contemplating a 75bp move next month underscoring Fed Chairman Powell higher rates for longer/restrictive stance. Communication Services, IT and Consumer Discretionary sectors underperforming.
  • Incidentally, SPX traded mildly higher early that US/China regulators were near agreement on audit inspections -- forestalling concerns some 200 China firms could be delisted - unsure where that leaves the half-dozen that said they would voluntarily delist themselves last week.
  • Currently, SPX eminis trade -83.5 (-1.99%) at 4119.25; DJIA -534.85 (-1.61%) at 32767.79; Nasdaq -315.1 (-2.5%) at 12327.71.
  • Technicals for SPX Sep futures: S&P E-Minis reversed off the day’s high of 4217.25 Friday, slipping to new weekly lows in the process. The impulsive sell-off following Powell’s speech highlights the downside risk, and increases focus on the 50-day EMA, at 4089.67 - a key pivot support. Key resistance and the bull trigger is at 4327.50, Aug 16 high. Initial resistance to watch remains 4221.50, Monday’s high. A break would ease the bearish threat.
  • SPX leading/lagging sectors: Utilities (-0.54%), Energy (-0.98%) and Consumer Staples (-1.13%) weathered the sell-off the most. Laggers: Communication Services (-2.84%) as media and entertainment reversed the prior session gains w/Google -4.51%, Dish Network (DISH) -3.11%.
  • Dow Industrials Leaders/Laggers: Merck (MRK) +0.05at 90.32, Verizon (VZ) -0.44 at 43.30, Walgreens Boots (WBA) -0.65 at 36.15. Laggers: Home Depot -7.64 to 302.14, Goldman Sachs (GS) -6.87 to 339.62, Microsoft (MSFT) -6.42 at 272.43.
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