Free Trial

Late Equity Roundup:

US STOCKS


Rocky ride for weaker stocks -- major indexes had bounced off midmorning/post-data lows to near opening levels, are moving lower again.

  • SPX emini futures currently -63.5 (-1.6%) at 3908, Dow Industrials -232.94 (-0.73%) at 31641.26, Nasdaq -327 (-2.8%) at 11206.09.
  • Technicals, SPX still well above key resistance of 3807.50 (Low May 20 and bear trigger). The reversal lower, and Friday’s fresh trend low, signals a resumption of the downtrend and opens 3801.97 next, 38.2% of the Mar ‘20 - Jan ‘22 bull leg (cont)
  • Best Buy (BBY) missed earning's exp, guides lower, yet shares trade higher! Some desks cite retailer's same-store metrics not being as bad as feared and margins close to expectations for the rally. That said, Retailers contributing to weak Consumer Discretionary Sector. More earnings after the close: Toll Bros (TOL), Intuit (INTU) and Nordstrom (JWN).
  • SPX leading/lagging sectors: Utilities (+0.65%) with gas and electric outperforming water utilities. Consumer Staples follow (+0.46%) with food, beverage and tobacco gaining. Laggers: Communication Services (-4.95%) with media/entertainment weaker: Meta (FB) -9.01% at 178.60, Google -6.73 at 150.21.
  • Dow Industrials Leaders/Laggers: McDonalds +5.56 at 246.59, Walmart +0.90 at 123.50. Laggers: Goldman Sachs (GS) -6.50 at 310.11, Visa (V) -5.95 at 201.61 while Boeing (BA) trades -6.02 at 118.05.

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.