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Late Equity Roundup, Well Off Post FOMC Lows

US STOCKS
  • Stocks reversed course traded mildly weaker after the Fed held rates steady (5-5.25%) while 12 of 18 officials expect two additional hikes sometime this year. Chairman Powell's press conference had a moderating effect on initial moves with stocks rebounding to pre-FOMC levels after rates closed.
  • Currently, S&P E-Mini future are down 0.25 points (-0.01%) at 4416.25, Nasdaq up 25.8 points (0.2%) at 13600.6, DJIA down 225.05 points (-0.66%) at 33988.78.
  • Leading gainers: Information Technology and Consumer Staples sectors outperformed, led by semiconductor shares: Intel +4.25%, Nvidia +3.5%, AMD +2.15% as companies continued to focus on AI-tied demand. Consumer Staples led by retailers: Target +4.2%, Dollar Tree +1.5%, Kroger +1.5%.
  • Laggers: Health Care and Energy sectors continued to underperform, pharmaceuticals and biotech shares outperforming health care equipment makers. Meanwhile, nnergy stocks sagged with crude reversing early gains (WTI at 68.40 vs 70.47 high).
  • For a technical perspective, S&P futures continued gains confirm a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows, marking an extension of the bull cycle that started in October 2022. The focus is on a climb towards 4452.42, a Fibonacci projection. Firm support is at 4292.26, the 20-day EMA. Initial support is at 4348.75, the Jun 5 high.
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