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Late Equity Roundup: IT, Comm Services and Industrials Outperform

US STOCKS
  • Stocks continue to drift higher late Friday, ignoring this morning's stronger than expected employment data (+336k vs. +170k est) and it's implication toward tighter monetary policy in the near term. Currently, S&P E-Mini futures are up 54.75 points (1.28%) at 4345.25, Nasdaq up 204.4 points (1.5%) at 13423.76, DJIA up 336.95 points (1.02%) at 33455.87.
  • Leaders: Information Technology, Communication Services and Industrials sectors continue to lead in the second half, software and services stocks leading the former as Palo Alto Networks +4.58%, Monolithic Power +4.52% Advanced Micro Devices +3.75%.
  • Meanwhile, media and entertainment shares helped Communication Services: Interpublic Group +3%, News Corp +2.7%, Disney +2.66%. Construction and engineering shares buoyed Industrials: United Rentals +3.23%, Eaton Corp +2.93%, Parker-Hannifin +2.36%.
  • Laggers: Consumer Staples, Consumer Discretionary and Real Estate sectors underperformed, the former weighed by distribution and retail stocks: Dollar General -2.8% Walmart -2.64%, Costco -2.5%. Off weaker levels in the first half, auto makers underperformed/weighed on the Discretionary sector: Tesla -.37% and Ford +0.4%. Meanwhile, Real Estate Investment Trusts covering office and health care weighed on the Real Estate sector: Boston Properties -2.31%, Ventas -1.55%.
  • Technicals: Despite the bounce, a bear cycle in S&P E-minis remains in play after price sequence of lower lows and lower highs and signals scope for weakness towards 4194.75, the May 24 low. Pivot resistance is 4441.61, the 50-day EMA. Ahead of the 50-day average is resistance at 4381.68, the 20-day EMA.
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