Free Trial

Holding Push Towards New Resistance Mark, Nasdaq Outperforming

US STOCKS
  • The S&P e-mini extended gains to a new high of 4502.50 before nudging back below 4500 in another step towards resistance at 4510.13 (former bull channel base drawn from Mar 13).
  • SPX sits +1.3%, with gains led by communication services (+2.0%), IT (+2.0%) and consumer discretionary (+1.8%). Apple (+2.0%) and Nvidia (+4.5%) lead the contribution, whilst Tesla sees largest outright increases with +6.4%. Consumer staples (+0.2%) and utilities (+0.3%) lag.
  • The performance attributions are consistent with Nasdaq’s outperformance (+1.9%), whilst Dow Jones lags (+0.7%).
  • The broader markets backdrop helps, with VIX holding its push through 15 and at lows since Aug 1 whilst 10Y real yields are down 7bps on the day after softer than expected US labor data.

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.