FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

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Late Equities Roundup: Late Profit Taking

US STOCKS
  • Stocks are still bid but off midday highs in late trade, profit taking in IT stocks not surprising after S&P Eminis managed to climb to a new all-time high of 5322.75 earlier. Currently, S&P E-Minis trades up 18.5 points (0.35%) at 5304.75, Nasdaq up 37.1 points (0.2%) at 16406.99, the DJIA up 285.89 points (0.72%) at 39798.07.
  • Leading Gainers: Industrials continued to lead while Financials outpaced the Information Technology sector in the second half. Construction and engineering shares continued to buoy Industrials: Stanley Black & Decker +3.32%, Masco Corp +3.0%, Pentair +2.76%. Banks led the Financials sector: Truist Financial +2.85%, Citizens Financial +2.15%, Comerica +2.11%.
  • Laggers: Communication Services and Real Estate sectors underperformed in late trade, media shares weighed on the former with Paramount -4.64% after rallying over 11% Wednesday on $11B bid from Apollo for Hollywood Studios. Other laggers included Google -0.82% while Comcast slipped -0.90%. Real Estate investment trust weighed on the latter, particularly Health Care and Specialized REITs: Welltower -1.24%, Ventas -0.64%, Equinix -1.87%.
  • Emini technicals: The trend condition in S&P E-Minis remains bullish and this week’s extension reinforces this theme. The break of 5257.25, Mar 8 high, confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. MA studies are in a bull-mode position reflecting positive market sentiment. Sights are on 5370.81, the top of a bull channel drawn from the Jan 17 low. Initial firm support is at 5185.88, the 20-day EMA.
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