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Banks, Energy Lead Bounce on Wall Street

EQUITIES
  • Equity strength persists an hour out from the opening bell, with the e-mini S&P extending the recovery off the overnight lows to over 75 points. The Friday/Monday highs are next up at 4365.75/4362.00. Move coincides with a grind higher in Treasury yields (10y yield now at the best levels of the week) as well as USD/JPY, which is narrowing in on 111.50.
  • Energy and financials are leading gains on Wall Street, with solid oil and gas prices buoying refiners and explorers, while the steeper US curve favours bank names.
  • The tech sector is strictly mid-table and has failed to lead the bounce today despite falling sharply during the Monday session. The likes of Facebook, Twitter and Amazon are still sharply lower on the week, helping explain the NASDAQ's failure to lead markets higher today.
  • Bluechips lead gains, with Goldman Sachs, UnitedHealth and Chevron making solid contributions to the recovery in the DJIA.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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