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Late Equity Roundup: Communication Services and IT Outperform

US STOCKS
  • Stocks back near moderate session lows after attempting to rebound in the second half, Nasdaq outperforming: 7 points (0.1%) at 13228.43, DJIA down 201.42 points (-0.6%) at 33310.09, S&P E-Mini Future down 24.75 points (-0.57%) at 4302.
  • Leaders: Communication Services and Information Technology continued to outperform, media and entertainment share buoyed the former: Live Nation +2.5%, Google +1.65%, Meta +1.25%. Meanwhile, hardware and storage providers supported the IT sector, outpacing semiconductor stocks in the second half: Arista Networks +1.75%, Apple +1%, Cisco +.6%.
  • Laggers: Utilities, Energy and Materials sectors underperformed, independent power and electricity providers weighing on the former: NextEra -11.5%, PG&E -5.9%, AES -7%. Oil and gas providers weighed on the Energy sector as crude fell Monday (WTI -2.24 at 88.55): Marathon Oil -4.65%, APA Corp -4.4%, Occidental Petroleum -4.4%. Meanwhile, metal and mining shares weighed on Materials with gold trading weaker (-17.77 at 1830.86): Newmont -4.4%, Freeport-McMoran -2.8%.
  • Technicals: A bear cycle in S&P E-minis remains in play and the contract is trading closer to its recent lows. The recent break of support at 4397.75, the Aug 18 low, reinforced bearish conditions and signals scope for a continuation lower. Sights are on 4242.15, a Fibonacci retracement point. Initial firm resistance is 4467.07, the 50-day EMA. Ahead of the 50-day average is resistance at 4399.00, the Sep 22 high, and 4425.05, the 20-day EMA.
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