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Late Equity Roundup: Real Estate, Cons Disc, Materials Underperform

US STOCKS
  • Stocks continue to gradually extend session lows in the aftermath of this morning's "hawkish hold" policy announcement from the BOE. Currently, DJIA is down 218.24 points (-0.63%) at 34223.35, S&P E-Mini Futures down 55.5 points (-1.25%) at 4392, Nasdaq down 184.6 points (-1.4%) at 13285.99.
  • Laggers: Reversing the prior session gains as Tsy yields climbed to new 16Y highs this morning (10YY 4.881%), Real estate sector weighed by property management names: CoStar Group -3.45%, CBRE Group -3.35%.
  • Consumer Discretionary and Materials sectors followed, with broadline retailers weighing on the former: Amazon -3.75%, CarMax -2.0%, Ebay -1.88%. Construction materials stocks weighed on Materials sector: Martin Marietta Materials -3.4%, Vulcan Materials -3.15%.
  • Leaders: Utilities, Health Care and Consumer Staples sectors outperformed in the second half. Electrical and multi-energy providers buoyed Utilities: Eversource +.75%, Public Service Ent +0.35% while Ameren gained +0.25%.
  • Equipment and service providers buoyed the Health Care sector: Humana +2.5%, Centene +2.35%, UnitedHealth Group +2.15%. Meanwhile, Consumer Staples sector were buoyed by household and personal products makers: Kenvue +0.85%, Kimberly-Clark +0.75%.
  • Technicals: A bear cycle in S&P E-minis remains in play and this week’s break lower reinforces current conditions. Today’s sell-off has resulted in a break of support at 4397.75, the Aug 18 low that reinforces bearish conditions and signals scope for a continuation lower near-term. Sights are on 4377.85, a Fibonacci projection. Further out, scope is seen for a move to 4352.50, the Jun 8 low. Initial firm resistance is 4507.79, the 50-day EMA.
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