US Afternoon Wrap 220409

Some optimisic earnings report and a suprising housing price index, beating the consensus estimate by 1.4%, spooked an early rally on the market.

However, DJs and S&P ended the day in reds, paring gains from early sessions with financials snuffing out the rally, with Morgan Stanley renewing bank worries and GM saying their likelihood to miss debt payment deadline.

As per our discussion in the morning, we saw investors are becoming cautious and seeks to profit take - signs of turning towards a risk averse theme ahead of important economic events and the stress test.

However, suprises with Ebay and Apple's earnings lifted the tech sector to close to flat for NADAQ.

A summary of the market:

Dows Jones Industrials: - 1.04%
S&P 500: - 0.77%
NASDAQ: +0.14%
S&P 500 Energy: -1.40%
S&P 500 Financials: -3.82%
s&P 500 Consumer Staples: -1.37%
S&P 500 Consumer Discretionary: 0.87%
S&P 500 Industrials: +1.14%
S&P 500 IT: +0.21%
s&P 500 Telecom: +0.71%
S&P500 Utilities: -1.23%

Looking ahead from today, we should expect further profit taking from the market. We see further shorts on Citigroup for after hours. Further comments shall be made for morning wrap.

ongy out.