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PacWest Slide Hits S&P 500 Climb, Tech Outperforms Before Key Earnings

US STOCKS
  • The S&P e-mini at 4599.5 (+0.3%) has pulled back off a session high of 4608.75 that had stopped just short of resistance despite a grinding higher in real yields, with the sell-off coming after news that Banc of California was in advanced news to buy PacWest.
  • The move saw banks come under pressure, with the KBW index hitting session lows and currently -1.6% and with regionals -1.0%.
  • Indeed, financials are joint laggards along with real estate for the SPX, both at -0.7%, within which banks are -1.4% having already been underperforming having led yesterday’s increases. Gains meanwhile are led by materials (+1.8%) and IT (+1.3%).
  • Next resistance for the S&P e-mini is seen at last week’s high of 4609.25 after which lies a bull channel top drawn off the Mar 13 low with an intersection at 4622.12.
  • Nasdaq outperforms (+0.8%) whilst the Dow lags (+0.1%), ahead of key earnings after the close today, including major tech companies Microsoft & Alphabet. See here: https://roar-assets-auto.rbl.ms/files/54818/MNIUSEARNINGS240723.pdf
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