US STOCKS: Late Equities Roundup: Sentiment Rebounds as Volatility Ebbs

$10.4B corporate debt issued Monday:

• Date $MM Issuer (Priced *, Launch #)
• 01/12 $3B *Energy Transfer 5Y +110a, 10Y +145a, 30Y +175a
• 01/12 $2.7B *Rep of Indonesia $1.1B +5Y 4.4%, $1.1B +10Y 5%, $500M +30Y 5.5%
• 01/12 $2.25B *Vistra Operations $1B 5Y +95, $1.25B 10Y +120
• 01/12 $1.75B #National Bank of Canada $1.25B 3NC2 +63, $500M 3NC2 SOFR+77
• 01/12 $700M *POSCO $400M 5Y +75. $300M 10Y +90
• 01/12 $Benchmark investor calls: Jefferies, Triton Int, Rithm Capital, Telecom Argentina, Azule Energy
  • Expected Tuesday:
  • 01/13 $Benchmark MuniFin WNG 4Y SOFR

• Stocks have recovered from the bout of morning selling, major indexes in the green as they currently extend record highs: the DJIA is currently up 15.42 points (0.03%) at 49,519.76 (49,543.79 record high), S&P E-Mini Future up 12.75 points (0.18%) at 7,017.75 (7,019.00 record), Nasdaq up 116.5 points (0.5%) at 23,788.83 (23,797.45).
• A mix of IT, Materials and Health Care sector shares alternately led advances AND declines in late trade.
• On the positive side: Dexcom +6.78%, , Albemarle Corp +4.85%, Western Digital +4.67%, Vistra Corp +4.66%, Akamai Technologies +4.66%, Seagate Technology +4.37%, Freeport-McMoRan +3.93%, Amphenol +3.90%, Teradyne +3.62% and Newmont +3.54%.
• Leading decliners included: Synchrony Financial -8.74%, Capital One Financial -6.45%, ON Semiconductor -5.43%, Moderna -5.16%, Baxter International -4.37%, American Express -4.23%, Baker Hughes -3.70%, QUALCOMM -3.67%, Regeneron Pharmaceuticals -3.66% and Citigroup -3.57%.
• Reminder, the next earnings cycle kicks off in earnest this week with Bank of NY Mellon, JPM reporting on Tuesday January 13, Bank of America, Wells Fargo and Citigroup on Wednesday, Goldman Sachs, Blackrock and Morgan Stanley on Thursday.

• RES 4: 159.45 High Jul 12 ‘24 
• RES 3: 158.87 High Jan 10 ‘25 and a key resistance
• RES 2: 158.29 2.618 projection of the Sep 17 - 26 - Oct 1 price swing
• RES 1: 158.20 High Jan 12
• PRICE: 158.15 @ 17:25 GMT Jan 12 
• SUP 1: 156.50/155.35 20- and 50-day EMA values
• SUP 2: 154.35 Low Dec 5 and a bear trigger  
• SUP 3: 153.62 Low Nov 14 
• SUP 4: 152.82 Low Nov 7

Friday’s climb in USDJPY reinforces the current bullish theme. The pair traded to a fresh trend high, confirming a resumption of the uptrend. This  maintains the bullish price sequence of higher highs and higher lows. Sights are on 158.29, a Fibonacci projection. Note that moving average studies are in a bull-mode position, highlighting a dominant medium-term uptrend. Support to watch lies at 155.35, the 50-day EMA.