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Late Equity Roundup: Trading Heavy

US STOCKS

Stocks have reversed midmorning gains, trading weaker/near session lows after the FI close -- even as Tsy yields retreated from midday highs through the second half with several small program sales noted.

  • SPX emini futures, ESM2 currently -59.0 (-1.3%) at 4396.50 after hitting 4508.0 before 1000ET. Focus turned to key support of 4355.50 Low Apr 18 and the bear trigger.
  • Earnings after the close: PPG, XM, SAM, SVP, SNAP. Pre-open: AAL record 2Q revs on soaring demand, ATT EPS 0.77 vs. 0.69 est, Dow Inc. net income +$1.57B.
  • SPX leading/lagging sectors: Consumer Staples managed to outperform (+0.13%) lead by food, beverage and tobacco shares.
  • Consumer Discretionary had been leading the session receded (-1.27%), autos still leading but well off highs, notably Tesla (2.69% from +8.93% earlier after earnings beat of $3.22/share vs. $2.26 est late Wed. Elon Musk making waves again re: seeking financing for Twitter bid.
  • Laggers: Energy sector retreated late (-3.35%) edging Communication Services (-2.45%) as media/entertainment lags: Meta (FB) -6.82%, Warner Bros (WBD) -6.17%, DISH -4.80%.

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