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Free AccessLate Equity Roundup: Second Half Reversal, Tech Sees Red
Stocks having a rough go Wednesday, had reversed early gains after CPI inflation across the US rose 0.3% m/m in April and 8.3% y/y, but bounced back near highs by midmorning as longer Tsys discounted the inflation metric. Support evaporated, however, SPX emini futures extending session lows in the second half (ESM2 3937.5).
- Technicals for SPX eminis: S&P E-Minis remain vulnerable following last week’s sharp reversal in ESM2 from 4303.00 (May 4 high) and Mon’s move lower that resulted in a breach of support at 4056.00 (May 2 low). A clear break of this support confirmed resumption of the underlying downtrend w/ attn on 3892.98, a Fibonacci projection.
- Earnings cycle winding down, Walt Disney (DIS) and Rivian Automotive (RIVN) after the close.
- SPX leading/lagging sectors: Energy sector outperforms but off highs (+2.19%) as energy and equipment servicing names outpace O&G consumables. Utilitiessector up next (+1.32%) outpacing Materials (+0.78%).
- Laggers: Extending losses Consumer Discretionary (-3.02%) and Information Technology (-2.86%) weighed by hardware makers.
- Meanwhile, Dow Industrials currently trades -342.5 points (-2.9%) at 11400.09, Nasdaq -228.82 points (-0.71%) at 31945.59.
- Dow Industrials Leaders/Laggers: United Health Care (UNH) had traded 500.23 high before noon reversed direction trading 487.81 late. Chevron (CVX) +3.57 at 164.36 and Caterpillar (CAT) +3.69 at 206.68. Laggers: Microsoft (MSFT) -7.98 at 261.54, Apple (AAPL) -7.64 at 146.84 and Home Depot (HD) continues to sag -5.50 at 285.66.
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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.