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Late Equities Roundup: Real Estate, Utility Sectors Underperforming

US STOCKS
  • Stocks declined for the second consecutive session Wednesday, off second half lows with Real Estate and Utility sector shares underperforming. Currently, DJIA is down 150.31 points (-0.4%) at 37209.91, S&P E-Mini future down 36.5 points (-0.76%) at 4762, Nasdaq down 135.7 points (-0.9%) at 14808.33.
  • Laggers: Real Estate and Utility sector underperformed late, real estate investment trusts (REITs), particularly office and industrial REITs weighed: Boston Properties -5.11%, Alexandria Real Estate -3.64%, Prologis -3.02%. Independent power and electricity providers weighed on the Utility sector: NextEra Energy -3.74%, AES Corp -3.587%, Entergy -2.89%.
  • Leading gainers: Consumer Staples and Health Care sectors outperformed late, food and beverage shares buoyed the former: Campbell Soup +1.86%, JM Smucker +1.72%, Conagra +1.36%. Equipment and service providers helped the Health Care sector: Humana +3.23%, UnitedHealth +1.86%, Elevance Health +1.39%.
  • Corporate earnings: Discover Financial, Alcoa and Kinder Morgan are expected to report after the close Citizens Financial, Charles Schwab and US Bancorp reported this morning.
  • Technicals: S&P E-Minis are trading lower today but - for now - remain above the Jan 5 low. Key resistance and the bull trigger is unchanged at 4841.50, the Dec 28 high. A break of this level would resume the uptrend and open 4854.75, a Fibonacci projection. Support at the 20-day EMA of 4773.54 has recently been pierced. A clear break of this average would strengthen a short-term bearish threat and open the 50-day EMA, at 4684.17.

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