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Late Equity Roundup: Defensive Utility Shares Take Lead

US STOCKS
  • Stocks trading mildly weaker, well off early session lows as focus turns from an uninspiring June FOMC minutes release to employment data culminating with Friday's NFP. At the moment, S&P E-Mini Future down 6.75 points (-0.15%) at 4485.25, DJIA down 132.8 points (-0.39%) at 34285.9, Nasdaq down 11.9 points (-0.1%) at 13804.76.
  • Leading gainers: Utilities have taken the lead in late trade followed by Communication Services and Real Estate sector shares as support for Information Technology shares ebbs. As to Utilities, independent power and renewable energy stocks rallied late: PG&E +3.6%, Consolidated Edison +2.3%, NRG Energy +2.0%. Media and entertainment shares continued to buoy Communication Services with Meta gaining 3.45%, Google +1.9%, Netflix +0.9% (GS upgraded shares as subscriber numbers increase).
  • Laggers: Materials, Energy and Industrials underperformed in the first half, metals and mining stocks weaker (Gold trading -9.2 at 1916.28 late).
  • The technical/bull theme in S&P E-minis remains intact despite today’s pullback. Last Friday’s gains reinforce a bullish condition. The contract has pierced key resistance and the bull trigger at 4493.75, the Jun 16 high.
  • A clear break of this level would confirm a resumption of the uptrend and pave the way for a climb towards 4532.08, a Fibonacci projection. On the downside, key trend support has been defined at 4368.50, the Jun 26 low.
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