US STOCKS: Late Equities Roundup: Tech-Stocks Maintain Support on Narrow Ranges
Dec-19 19:05
- Stocks remain firm late Friday, trading sideways on narrow ranges for much of the session. Currently, the DJIA trades up 272.43 points (0.57%) at 48225.46, S&P E-Mini Futures up 57.75 points (0.85%) at 6888.75, Nasdaq up 268.5 points (1.2%) at 23275.47.
- Despite ongoing concerns over valuations, Information Technology sector shares led advances for the second consecutive session, followed by select Consumer Discretionary sector shares - mostly travel related.
- Memory-chip stocks continued to power higher Friday with Sandisk gaining 8.15% - carry over support after Micron beat expectations yesterday with MU up another 7% today after surging 12.5% higher yesterday.
- Next up was Oracle +7.32% following reports of a joint venture with TikTok expected to boost revenues. Additional tech sector gains included: Advanced Micro Devices +6.25%, Lam Research +4.20%, Arista Networks +5.35%, Super Micro Computer +4.43% and Western Digital +4.03%.
- Consumer Discretionary sector gainers included: Carnival +8.63%, Norwegian Cruise Line +5.48%, Royal Caribbean Cruises +2.65% and DoorDash +2.72%.
- Conversely, the list of leading laggers included: Lamb Weston Holdings down a whopping -24.46% on increased price pressures, NIKE -10.86%, Lululemon Athletica -2.86%, DR Horton -2.77%, Darden Restaurants -2.15%, PulteGroup -2.47% and Conagra Brands -2.11%.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US TSYS: Post-Oct FOMC Minutes React
Nov-19 19:03
- Treasuries pared gains then rebound - still hold to narrow range after the October FOMC minutes showed "strongly differed" rate cut opinions.
- Currently, the Dec'25 10Y contract trades +2 at 112-27 (112-29 high). Resistance above at the 113-02 level in Treasuries, an area of congestion since Nov 5, remains intact.
- A clear breach of this hurdle would be a bullish signal and suggest scope for a climb towards 113-18+, the Oct 28 high. A breach would also cancel a short-term bearish theme. For bears, attention is on 112-10+, the 100-DMA and 112-06, the Sep 25 low. Trendline support also lies at 112-06+.
- Bbg US$ index continues to climb: +5.68 at 1225.11; SPX eminis firmer: +18 at 6857.75 - eyes on Nvidia earnings after the close.
MNI: mni: FED MEMBERS STRONGLY DIFFERED ON DEC CUT-MINUTES
Nov-19 19:00
- MNI: FED MEMBERS STRONGLY DIFFERED ON DEC CUT-MINUTES
- FED: SEVERAL PARTICIPANTS SAW DECEMBER CUT AS APPROPRIATE
- FED: MANY SUGGESTED KEEP RATES STEADY FOR REST OF YEAR
- FED: MOST SAW FURTHER CUTS LIKELY APPROPRIATE OVER TIME
- FED: MOST AGREED FURTHER CUTS COULD ADD TO INFLATION
- FED: ALL AGREED POLICY NOT ON A PRESET COURSE
- FED STAFF: RESERVES TO DIP TO QUITE LOW LEVELS AT TIMES
- FED STAFF BRIEFING ON SRF, CENTRAL CLEARING
EURGBP TECHS: Trend Set-Up Remain Bullish
Nov-19 19:00
- RES 4: 0.8893 2.000 proj of the Sep 15 - 25 - Oct 8 price swing
- RES 3: 0.8875 High Apr 25
- RES 2: 0.8868 61.8% retracement of the 2022 - 2024 bear leg
- RES 1: 0.8865 High Nov 14
- PRICE: 0.8827 @ 17:24 GMT Nov 19
- SUP 1: 0.8783 20-day EMA
- SUP 2: 0.8769 Low Nov 10
- SUP 3: 0.8740 50-day EMA
- SUP 4: 0.8706 Low Oct 24 and a key support
The trend set-up in EURGBPis unchanged, it remains bullish and the cross is trading closer to its recent highs. A fresh cycle high last week confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on 0.8868 next, a Fibonacci retracement. On the downside, initial key short-term support to watch lies at 0.8783, the 20-day EMA. A break of the average would signal scope for a deeper retracement.
