US STOCKS: Equities Roundup: Off Early Highs
Jul-27 18:07
- Stocks trading modestly higher for the most part, off early session highs, with Dow stocks underperforming in the second half. Currently, DJIA shares are down 47.3 points (-0.13%) at 35476.25, S&P E-Mini Future up 0.25 points (0.01%) at 4596, Nasdaq up 56.3 points (0.4%) at 14185.6.
- Leading gainers: Communication Services, Information Technology and Consumer Discretionary sectors outperformed in the second half. Communication Services led by strong gains in Comcast +6%, Meta +5.45% (earnings and forward guidance beat expectations), Charter Communication +2.38%. Chip stocks buoyed IT sector: Lam Research +10.3%, Applied Materials +7.2%, KLA Corp +7.0%.
- Laggers: Utilities, Real Estate and Financials underperformed. Financial services stocks lagged banks and insurance companies Thursday: S&P Global -7.25%, Fiserv Inc -2.86%, Ameriprise -2.0%. Early Bbg headline: EIGHT BIGGEST US BANKS FACE A 19% BOOST IN CAPITAL REQUIREMENTS, did little to dampen shares of Citi +1.92%, Fifth Third +0.56%, KeyCorp +0.5%.
- Technicals: The E-mini S&P contract remains in a bull mode condition and is trading higher today. Attention is on the top of the bull channel drawn from the March 13 low - the top intersects at 4632.89 today and it has been pierced. A clear channel breakout would strengthen bullish conditions and open 4639.69, a Fibonacci projection. A corrective pullback, if seen, would initially target the 20-day EMA at 4522.44 and a key short-term support.
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PIPELINE: $8.5B High Grade Corporate Issuance Tuesday
Jun-27 18:03
- Date $MM Issuer (Priced *, Launch #)
- 06/27 $3B *IADB 3Y SOFR+24
- 06/27 $2.25B *British Columbia 10Y SOFR+70
- 06/27 $2.25B #Rep of Chile $1.15B +12Y +123, $1.1B +30Y +148
- 06/27 $500M *Korea Gas 5Y +88
- 06/27 $500M #Mitsubishi 5Y +100
- 06/27 $Benchmark Credit Agricole 3Y +145a, 3Y SOFR, 10 +200a
EURGBP TECHS: Trend Needle Points South
Jun-27 18:00
- RES 4: 0.8768 High May 5
- RES 3: 0.8719 High May 23
- RES 2: 0.8656 50-day EMA
- RES 1: 0.8636 High Jun 5
- PRICE: 0.8595 @ 16:17 BST Jun 27
- SUP 1: 0.8518 Low Jun 19 and the bear trigger
- SUP 2: 0.8479 1.0% 10-dma envelope
- SUP 3: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle
- SUP 4: 0.8408 Low Aug 24 2023
The primary trend direction in EURGBP is unchanged and remains down. The pullback from Friday’s high confirms recent gains as corrective. Resistance at the 20-day EMA has been breached, however, price has remained below resistance at 0.8656, the 50-day EMA. A clear break of this average would highlight a stronger reversal. For bears, clearance of 0.8518, the Jun 19 low, would confirm a resumption of the trend.
US STOCKS: Equities Roundup: Bull Theme Intact, Autos, Durables, Chips Leading
Jun-27 17:50
- Stocks continue to march higher in late trade, after trading near the lowest levels since July 12 this morning, S&P E-Mini futures are currently up 47.5 points (1.09%) at 4417.75, DJIA up 221.77 points (0.66%) at 33936.36, Nasdaq up 217.1 points (1.6%) at 13553.05.
- Leading gainers: Consumer Discretionary and Information Technology sectors have bounced back from Monday's lows. Autos (Tesla +2.65%, Ford +1.95%, GM +1.8%) leading the former with household durables shares contributing: Newell Brands +7.75%. IT sector shares supported by strong showing in semiconductor stocks: Microchip +3.7%, Texas Inst +3.45%, Applied Materials +3.35%.
- Laggers: Health Care, Utilities and Energy sectors underperformed. Energy shares unwinding support over the last couple sessions as crude prices recede (WTI -1.25 at 68.12), Hess Energy -1.15%, Exxon Mobil -0.5%.
- The technical bull theme in S&P E-minis remains intact and the recent pullback appears to be a correction. The move lower is allowing a recent overbought condition to unwind. Initial key support lies at the 20-day EMA, at 4360.26.
- A break of this average would strengthen a short-term bearish theme and signal scope for a deeper pullback. On the upside, the bull trigger is 4493.75, the Jun 16 high. A break would open 4506.23 the top of a bull channel.
