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Late Equity Roundup: Energy & Utilities Outperform

US STOCKS
  • Stocks coming under some late sell pressure as accounts look to pare risk ahead of the weekend while the Federal Reserve enters policy blackout tonight at midnight. Currently, S&P E-Mini futures are up 1.25 points (0.03%) at 4457.75, Nasdaq up 9.4 points (0.1%) at 13759.4, DJIA up 34.16 points (0.1%) at 34536.18.
  • Leaders: Energy, Utilities and Communication Services sectors continued to outperform. Oil and gas refiners buoyed Energy sector shares as crude prices gained (WTI +.84 at 87.71). Valero Energy +4.2%, Philips66 +3.15% while Marathon Oil gained 2.9%.
  • Independent, electric and renewable power shares backstopped Utilities for a third consecutive session: NRG +2.6%, AES +1.85%, Dominion Energy +1.5%. Meanwhile, interactive media shares buoyed Communication Services in late trade: Paramount +3.85%, Warner Brothers +3.1%, Charter Communications +1.25%.
  • Laggers: Real Estate, Industrials and Consumer Staples underperformed. Real estate investment trusts, particularly residential and industrial weighed on Real Estate: Essex Property Trust -2.85%, Mid-America Appt Community -1.6%.
  • Aerospace/defense names weighed on Industrials: Transdigm -1.7%, Boeing -1.65%, Northrop Grumman -1.6%. Household and personal products names weighed on Consumer Staples with Estee Lauder and Clorox both -0.9%.
  • Technicals: Despite the late week bounce, a bear cycle remains in play. Key resistance has been defined at 4547.75, Sep 1 high. A break is required to reinstate the recent bullish theme. Note that recent gains stalled at the area of resistance around the former bull channel base - drawn from the Mar 13 low. The line intersects at 4547.83. This is a bearish development and a continuation lower would expose key support at 4350.00, Aug 18 low.
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