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Late Equity Roundup: Tesla Gains Over 10%

US STOCKS
  • Stocks gaining in late trade - back near early session highs, led by automaker Tesla and a weaker US$. Currently, S&P E-Mini futures are up S&P E-Mini Future up 27.75 points (0.62%) at 4539, Nasdaq up 159.1 points (1.2%) at 13920.52, DJIA up 99.14 points (0.29%) at 34675.13.
  • Leaders: Consumer Discretionary, communication Services and Consumer Staples are outperforming. Discretionary sector led by autos, in particular Tesla +10.05% after Morgan Stanley upgrade earlier, while component maker BorgWarner gained 1.1%.
  • Telecom shares buoyed Communication Services with T-Mobile +2.1%, Verizon +1.3%, ATT +0.9%. Household and personal care shares outpaced food, beverage and tobacco names in the second half: Kenvue +3.9%, Proctor & Gamble +1.4%while Colgate Palmolive gained 1.2%.
  • Laggers: Energy, Industrials and Real Estate sectors underperformed. Oil and Gas names saw better selling on profit taking after last week's gains: Devon Energy and Marathon -3.95%, APA -3.15 and Diamondback Energy -2.45%. Aerospace and Defense contractors weighed on Industrials: RTX Corp -7.55%, Axon Enterprises -1.2%, while Lockheed Martin slipped 0.85%.
  • Technicals: Despite today's soft rally, SPX bear cycle remains in play. Key resistance has been defined at 4597.50, Sep 1 high. A break is required to reinstate the recent bullish theme. A resumption of weakness would signal scope for a move towards the key support and bear trigger at 4397.75, the Aug 18 low. A break of this support would highlight a short-term reversal. For bulls, clearance of 4597.50 would open 4685.25, Jul 27 high.
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