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Stocks See Flat Open, With Few Fresh Cues for Equities

EQUITIES
  • Wall Street opens mixed-to-flat after Friday's negative close. Futures have recovered off the European morning lows, with the e-mini S&P in minor positive territory. Industrials and consumer staples are the early outperformers, countered by weakness across communication services and utilities. 240 stocks are lower, while 230 names sit in positive territory.
  • NYSE TICK Index shows no notable opening activity, retaining the neutral theme present across the opening bell. Friday's pullback is deemed technically corrective in nature, keeping an underlying bull theme intact for now. Any resumption of weakness keeps attention on first support at 4411.98, the 20-day EMA. Bull trigger remains 4498.00, the Jun 16 high.
  • Worth recalling that quarterly earnings season kicks off this week, with Fastenal, PepsiCo due Thursday followed by Wells Fargo, JPM BlackRock, State Street and Citigroup on Friday.

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