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Stocks Mixed in Early Trade, With NASDAQ Early Outperformer

EQUITIES
  • As indicated by futures indices, Wall Street opens mixed on Wednesday, with the NASDAQ cash outperforming both the S&P500 and DJIA as earnings buoy growth over value names. Alphabet (Google) is a particularly source of strength, opening at fresh alltime highs after their report after the Tuesday close. This puts the Communication Services at the top of the pile in the S&P500, with real estate and consumer staples not far behind.
  • Energy and financials are the laggards of the day, with a reversal off the highs in the crude price the primary driver. For bank names, a sharp flattening of the US sovereign curve has sapped margins for financials, prompting underperformance among the likes of Wells Fargo, Bank of America and JPMorgan.
  • Earnings remain a key driver at this stage, with Meta Platforms (Facebook) and Qualcomm both due after market. Full schedule with timings, EPS and revenue expectations here: https://marketnews.com/mni-us-earnings-schedule-sp...
  • S&P E-minis have traded higher again today. Gains are still considered corrective. Price action in January resulted in a reversal of the moving average condition to bearish that suggests short-term gains are corrective. 4576.53, the 50-day EMA has been probed. A decisive break of this resistance would suggest scope for a stronger reversal.
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