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Late Equity Roundup -- Late Selling Breaks Support

US STOCKS

Equity indexes extending session lows after the rate close, SPX eminis through key support - ESM2 currently -76.00 (-1.7%) at 4407.0 - well through 50-day EMA of 4456.43 and 4425.96, a Fibonacci retracement -- eying round number of 4400.0 next key support.

  • Current selling may be positioning ahead Tue's CPI as well as squaring up ahead start of latest earnings cycle that kicks off with financials making up the bulk of releases. JP Morgan and BlackRock due Wed, before Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo follow.
    • SPX leading/lagging sectors: Industrials sector (-0.29%) capital goods including airlines, aerospace and defense outperforming; Materials, Consumer Staples and Financials sector follows (the three around -0.45%-0.48%) with banks seeing mild rebound after heavy selling late last week/unwinds ahead earnings.
    • Laggers: Energy sector (-3.11%) with oil and gas weighing -- underperforming Information Technology sector (-2.60%) as semiconductors continued to lag on chip scarcity (BMW warning scarcity could last until 2023), software outpacing hardware.
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