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Late Equity Roundup: Second Half Reversal, Tech Sees Red

US STOCKS

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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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.