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S&P E-mini Holding Shy Of Monday’s High, Tech Lags

US STOCKS
  • The S&P 500 e-mini sits close to session highs of 5239.00 that stopped just shy of yesterday’s 5240.25. The bull trigger is seen at 5257.25 (Mar 8 high).
  • In a reversal of yesterday’s AI-focused gains, the Nasdaq 100 lags today.
  • E-minis: S&P 500 +0.4%, Nasdaq 100 +0.2%, Dow Jones +0.6% and Russell 2000 +0.6%.
  • Within the S&P 500, energy (+1.0%) leads with WTI seeing similar-sized further increases, followed by utilities (0.8%) and IT (+0.7%). Communication services lag (-0.3%), weighed down by Alphabet (-0.5%) and Meta (-0.7%) in a limited retracement of strong gains yesterday, followed by real estate (-0.1%) and materials (almost flat).
  • Nasdaq has still seen a sizeable turnaround on the day though, reversing losses of as much as 0.9%.
  • NVidia has played a sizeable role in the latter, having pared losses of ~4% for currently +1.7% as its conference continues. It plans to take a larger share of an annual market opportunity of $250bn in data centers.
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