BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

New Home Sales Activity And Prices Continue To Cool

US EIA: CRUDE OIL STOCKS EX SPR -3.74M TO 436.5M JUL 19 WK

Services PMI Gains Continue To Diverge From Soft Manufacturing

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Late Equity Roundup: Longs Unwind Ahead Next Week's FOMC

US STOCKS
  • Stocks remain weaker but off second half lows after climbing to the best levels in ten days this morning. Some longs unwound ahead next week's FOMC annc after a hawkish ECB sources story overnight changed the tone of yesterday's post-ECB dovish hike. Currently, S&P E-Mini futures are down 56 points (-1.23%) at 4498.5, Nasdaq down 229.8 points (-1.7%) at 13696.27, DJIA down 284.4 points (-0.81%) at 34621.35.
  • Laggers: Information Technology, Consumer Discretionary and Communication Services sectors continue to underperform late Friday. Chip stocks lagged hardware makers for the second day running: Lam Reserach -5%, KLA Corp -4.7%, Applied Materials -4.4%, AMD -4.25%, while Nvidia slipped -3.5%.
  • Consumer Discretionary weighed by weakness in broadline retailers: Etsy -3.6% Amazon -2.6%. Interactive media weighed on the Communication Services sector with Meta -3.5%, Electronc Arts -1.65%, Take Two Interactive -1.2%.
  • Leaders: Utilities and Health Care sectors outperformed. Multi-service providers buoyed the former: CenterPoint +0.75%, Public Service Ent +0.45%. Meanwhile, services providers buoyed the Health Care sector: CVS +1.05%, Align Tech +0.8%, UnitedHealth Group +0.5%.
  • Technicals: A bear cycle in the E-mini S&P contract remains in play. Today’s strong sell-off reinforces this theme and suggests the recent shallow correction higher is over. Key short-term support has been defined at 4483.25, the Sep 7 low. Clearance of this level would be seen as a bearish development and open 4397.75, the Aug 18 low and a bear trigger. For bulls, a resumption of gains would instead open 4597.50, the Sep 1 high.
HomepageEquitiesAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.