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Late Equity Roundup: Bull Theme Intact, Stocks Off Lows

US STOCKS
  • Still weaker in late trade, stocks have recovered from first half lows. Buyers not willing to give up on stock "euphoria" yet as SPX and Nasdaq indexes drift near the best levels since mid-April 2022, DJIA best levels since late November 2022 last Friday.
  • Trading desks had cited various reasons for early selling that included less than expected cut to five-year China rate (10bp vs. 15bp) weighed on financial shares overnight. In Europe, usually stable chemical/materials stocks underperformed.
  • Near the upper half of the session range, S&P E-Mini future are currently down 28 points (-0.63%) at 4425.75, DJIA down 281.33 points (-0.82%) at 34016.35, Nasdaq down 65.7 points (-0.5%) at 13623.86.
  • Laggers: Energy and Materials sectors continue to underperform, the former as crude prices trade weaker (WTI -1.28 to 70.50) with Devon energy -3.6%, APA -3.55% and Marathon -3.5%. Materials weighed by containers and packaging stocks: Celanese -4.5%, Ball Corp -3.95% while Eastman Chemical trades -3.3%.
  • Leading gainers: Consumer Discretionary sector shares traded flat to mildly higher, auto stocks outperforming (Tesla +3.9%). Health Care sector followed as equipment and servicers (UNH +2.35%, CVS +1.75%) outperform biotech shares (MNRA -2.94%).
  • A bull-theme in S&P E-minis remains intact. Last week’s gains confirmed a resumption of the uptrend, marking an extension of the bull cycle that started in October 2022. The focus is on 4494.20, the top of a bull channel drawn from the Oct 2022 low (cont). Initial support is at 4381.75, the Jun 13 low. A firmer support lies at 4332.90, the 20-day EMA. Pullbacks are considered corrective.
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