Late Equity Roundup: Strong Energy Sector Buoys Stocks Off Lows

Still weaker after the FI close, stocks see-sawed off lows through the second half, Energy sector shares outperforming. Currently, SPX eminis trade -35 (-0.86%) at 4024.5; DJIA -230.03 (-0.71%) at 32055.45; Nasdaq -150.5 (-1.2%) at 11992.23.

• SPX leading/lagging sectors: Energy sector shares outperforming (2.33%) with crude stronger in late trade (WTI +3.89 at 96.95), followed by Utilities +0.65% and Consumer Staples (+0.18%). Laggers: Information Technology -1.40%, Health Care (-0.42%), and Financials (-0.38%).
• Dow Industrials Leaders/Laggers: United Health (UNH) +2.82 at 532.07, Chevron (CVX) +2.36 at 165.77, Walmart (WMT) +2.10 at 133.70. Laggers: Saleesforce.com (CRM) -3.24 at 161.99, 3M (MMM) -2.54 at 126.60, continued weakness for Microsoft (MSFT) -2.47 at 265.62, Apple (AAPL) -1.54 at 162.08, .
• Technicals for SPX Sep futures: S&P E-Minis stalled at Friday’s 4217.25 high. The impulsive sell-off reinforces bearish conditions and has resulted in a clear break of the 50-day EMA, at 4088.49. The breach of this pivot support strengthens the case for bears and signals scope for weakness towards 3983.25 next, a Fibonacci retracement. On the upside, initial firm resistance has been defined at 4217.25. A break would ease the current bearish pressure.