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Late Equity Roundup: Energy, Autos Outperforming

US STOCKS
  • Stocks are trading firmer in late trade, headed back near early session highs as Fed Chairman Powell's speech from Jackson Hole deemed more balanced, or at the least: not as hawkish as it could have been.
  • Currently, S&P E-Mini futures are up S&P E-Mini Future up 35.75 points (0.82%) at 4421.5, DJIA up 285.69 points (0.84%) at 34388.12, Nasdaq up 138.8 points (1%) at 13601.42.
  • Leading gainers: Energy, Consumer Discretionary and Industrials led in late trade, the former underpinned by a rebound in crude from late session reversal (WTI +.98 at 80.03): Valero +4.1%, Devon Energy +3.85%, Exon Mobil +2.15%. Autos buoyed discretional sector: Tesla +3.45%, Ford +1.8%, while parts makers Aptiv gained 1.8%, BorgWarner +1.4%.
  • Laggers: Communication Services and Materials sectors continued to unwind early-midweek gains: Warner Brothers -3.1%, Meta -2.6, Paramount -1.15%. Metals and mining shares weighed on Materials: Newmont Corp -1.45%, Freeport McMoRan -.25%.
  • Technicals: Thursday's sell-off in the E-mini S&P contract reinforces a bearish theme and signals the end of the recent corrective bounce between Aug 18 - 24. The focus turns to support at 4350.00, the Aug 18 low and bear trigger. A break would confirm a resumption of the current bear cycle. On the upside, resistance to watch is 4499.37, the base of a bull channel that was breached last week. The channel is drawn from the Mar 13 low.
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