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Modest Recovery Off Lows, Regional Banks Underperforming After FDIC Report

US STOCKS
  • The ESM3 has pushed to the high end of a narrow range seen in the couple of hours since its slide after the JOLTS report, a slide that continued despite real yields reversing their initial jump higher on the release.
  • Currently at 4185 and off an earlier low of 4174, the move sees the contract pull back after yesterday coming just shy of testing resistance at the medium-term bull trigger of 4244 (Feb 2 high), but it hasn't tested support at the 20-day EMA of 4165.17 after which lies 4114 (May 24 low).
  • It trades inline with the Nasdaq e-mini, both -0.7% on the day, whilst SPX is led lower by consumer discretionary (-1.8%), energy (-1.7%) and financials (-1.5%).
  • Banks underperform within the latter, currently -2.5%, whilst the separate KBW index shows regionals in particular suffering (KRX -3.7% vs BKX -2.6%) after the FDIC said that the number of lenders with weaknesses increased in Q1.
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