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Late Equities Roundup

US STOCKS
  • Stocks are inching lower in late trade, S&P E-Mini futures are currently trading near July 12 levels: S&P E-Mini Future down 6.75 points (-0.15%) at 4382.75, Nasdaq down 85.2 points (-0.6%) at 13407.76, while Dow shares outperformed: up 46.15 points (0.14%) at 33774.89.
  • Communication Services Consumer Discretionary and Information Technology sectors underperforming. Interactive media and services shares underperformed: Goolgle -3.05%, Meta -3.00%, and Netflix -1.0% amid otherwise positive performance in Fox +1.3%, Warner Brothers +1.35% and Disney +1.3%.
  • Leading gainers: Energy, Real Estate and Materials sectors outperformed Monday, oil refiners and distributor shares supported as crude prices gained slightly (WTYI +0.32 at 69.48): Maker Hughes +3.15%, Halliburton +3.1%, Hess Energy +2.3%, Occidental Petroleum +2.2%.
  • The technical bull theme in S&P E-minis remains intact and last week’s pullback appears to be a correction. The move lower is allowing a recent overbought condition to unwind. Initial key support lies at the 20-day EMA, at 4359.21. A break of this average would strengthen a short-term bearish theme and signal scope for a deeper pullback. On the upside, the bull trigger is 4493.75, the Jun 16 high. A break would open 4506.23 the top of a bull channel.
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