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Late Equity Roundup: Consumer Discretionary, IT Outperform

US STOCKS
  • Stocks have scaled back midday highs, running mixed in late trade as earlier post-ADP risk-on tone cooled. Currently, S&P E-Mini futures are up 13.5 points (0.32%) at 4278.75, DJIA down 16.57 points (-0.05%) at 32985.91, Nasdaq up 118.8 points (0.9%) at 13178.08.
  • Leaders: Consumer Discretionary sector bounced from weaker levels in the first half of the week, underpinned by auto maker Tesla +4.56% and parts maker Aptiv +1.11% followed by cruise lines Carnival +2.75%, Norwegian +2.6%.
  • Communication Services and Information Technology sectors continued to outperform, interactive media and entertainment shares buoyed the former: Google +1.55%, News Corp +1.45%, Meta +1.1%. IT, meanwhile, led by software and services providers: Fair Isaac +2.33%, Oracle +1.88%, Cadence +1.85%.
  • Laggers: Energy and Utilities continued to underperform, the former as crude prices fell sharply (WTI -4.86 at 84.37) as U.S. gasoline inventories surged by 6.5M barrels. Devon Energy -6.12%, Marathon -6.05%, APA traded -5.19%, Schlumberger -5.05%. Independent power and electricity providers weighed on Utilities: AES -3.85%, NextEra Energy -4.1%, AES -2.88%, NRG -1.61%.
  • Technicals: A bear cycle in S&P E-minis remains in play. The contract traded lower yesterday, confirming a resumption of the bear leg and maintaining the price sequence of lower lows and lower highs. This signals scope for weakness towards 4194.75, the May 24 low. Pivot resistance is 4453.89, the 50-day EMA. Ahead of the 50-day average is resistance at 4401.10, the 20-day EMA.
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