Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.