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Late Equities Roundup: Real Estate, Materials, Energy sectors Shine

US STOCKS
  • Stocks continue to extend session highs in late trade, the broad based rally helping S&P E-Mini futures back to one week highs, up 43.25 points (0.96%) at 4560.25, Nasdaq up 136.8 points (1%) at 13950.21, DJIA up 388.76 points (1.12%) at 34963.16.
  • Leaders: Real Estate, Materials and Energy sector shares outperformed. Office and health care real estate investment trusts (resilient to recession and/or higher rates) lead the former: Boston Properties +3.84%, Ventas Inc +3.41%, Alexandria Real Estate +2.2%.
  • Materials edged past Energy sector in the second half with metals and mining shares trading strong: Steel Dynamics +3.15%, Freeport-McMoRan +2.85%, Nucor +2.55%. Energy sector shares were buoyed by higher crude prices (WTI +1.69 at 90.21): Hess +2.9%, Oneok +2.25%, Marathon +2.15%.
  • Laggers: Health Care, Information Technology and Consumer Staples sectors underperformed the day's rally, equipment and service providers weighing on the former: Davita -1.95%, Dexcom -1.15%, Centene -0.7%. Chip stocks lagged software and services, AMD -0.7%, Nvidia -0.34%.
  • Technicals: Despite the rally a bear cycle in the E-mini S&P contract remains in play, the latest gains are considered corrective - for now. Key resistance is unchanged at 4597.50, the Sep 1 high where a break is required to reinstate the recent bullish theme. For bears, a resumption of weakness would signal scope for a move towards the key support and bear trigger at 4397.75, the Aug 18 low. Clearance of this support would strengthen a bearish case.
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