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Late Equity Roundup: Paring Gains

US STOCKS
  • Stocks have pares gains in late trade, Dow and S&P indexes lagging the Nasdaq as longs square-up, take profits ahead of the weekend. Currently, DJIA trades down DJIA down 53.1 points (-0.14%) at 37193.93, S&P E-Mini Futures down 11.25 points (-0.24%) at 4762.25, Nasdaq up 22.1 points (0.1%) at 14783.04.
  • Leading gainers: IT and Consumer Discretionary sectors continue to outperform in late trade, semiconductor shares buoyed the former: First Solar +5.0%, Enphase +3.19%, Intel +1.93%. Broadline retailers supported the Consumer Discretionary sector with Amazon +1.17%, Home Depot +0.17%, Lowe's +0.1%.
  • Laggers: Real Estate and Utilities sectors continued to underperform, real estate investment trusts, particularly for office and residential weighed on the former: Boston Properties -3.26%, Alexandria Real Estate -3.93%, Invitation Homes -3.51%. Multi energy providers weighing on the latter: Exelon -5.67%, Ameren -4.21%, Eversource Energy -2.88%.
  • A bullish theme in S&P e-minis remains intact and the contract is trading closer to its recent highs. The rally this week confirms a resumption of the uptrend that started Oct 27. Note too that the contract has cleared resistance at 4738.50, the Jul 27 high, reinforcing current positive trend conditions. This signals scope for a climb towards 4800.00 next. On the downside, initial firm support lies at 4632.25, the 20-day EMA.
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