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Only Limited Boost From June Skip Talk, Banks And Energy Stocks Lead Losses

US STOCKS
  • Talk of skipping a June hike from two FOMC voters helped ESM3 lift further off lows that had been seen after the JOLTS report, a slide that continued despite real yields reversing their initial jump higher on the release.
  • Currently at 4190 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 for now it doesn’t support at the 20-day EMA of 4165.17 after which lies 4114 (May 24 low).
  • The S&P e-mini trades broadly inline with the Nasdaq e-mini, both at -0.6% on the day, whilst SPX is led lower by energy (-2.0%) as WTI comes under further pressure, consumer discretionary (-1.4%), and industrials and financials (-1.3%).
  • Financials mask larger underperformance for banks, currently underperforming with -2.1%, whilst the separate KBW index shows regionals in particular suffering (KRX -3.5%, BKX -2.4%) after the FDIC said that the number of lenders with weaknesses increased in Q1.
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