Late Equities Roundup: Firmer Ahead Tue Debt Ceiling Discourse

Stocks recovered from midmorning lows to near middle of narrow range at the moment. S&P E-Mini Future currently up 2.75 points (0.07%) at 4141; Nasdaq up 40.7 points (0.3%) at 12325.02; DJIA down 2.32 points (-0.01%) at 33298.79.

• Stocks had ignored this morning's data and generally hawkish comments from Atlanta Fed Bostic (nonvoter) on sticky inflation, instead fixated on downbeat assessment from House speaker McCarthy over the debt ceiling.
• Leading laggers: Utilities, Consumer Staples and Real Estate sectors underperformed while Financials, Materials and IT sector shares outperformed.
• From a technical point of view S&P E-minis remain in consolidation mode and continue to trade above the 50-day EMA, which intersects at 4107.61.
• An extension higher would refocus attention on key resistance and the bull trigger at 4206.25, the May 1 high. A break of this level would confirm a resumption of the bull trend that started Mar 13.
• Key support has been defined at 4062.25, the May 4 low. A move through this support would instead highlight a bearish threat.