MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EQUITIES: Cyclicals/FAANG Lead Gains Amid CPI Relief

EQUITIES
EquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

US equities had another strong session Wednesday, led by cyclical stocks. Upside was driven largely by an in-line CPI report which spurred the bulk of intraday gains, as the data appeared to remove most doubts about a Federal Reserve rate cut next week.

  • Per our tech analyst, the S&P E-Mini contract (Z4 ) maintains a bullish tone, though for now futures (6,097.50, +0.85% as of 1520ET) remain just below the nearest resistance of 6,111.00 (Dec 6 all-time high).
  • Communication Services was the leading sector (+2.7%), driven by a 4% rise in Alphabet which is now up 10% over two sessions on the back of a quantum chip breakthrough. Other strong performers included fellow FAANG stalwarts Netflix (+2.7%) and Meta (+1.9%).
  • Consequently, NASDAQ futs (+1.9%) are outperforming their S&P counterparts, and at fresh all-time highs.
  • Consumer Discretionary (+1.8%, with notables Tesla +4.6% and Amazon +2%) and Info Tech (+1.7%, Broadcom +6.8% and NVIDIA +3.5%) were close behind.
  • Lagging were Utilities (-0.6%) and Health Care (-1.1%).
160 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

US equities had another strong session Wednesday, led by cyclical stocks. Upside was driven largely by an in-line CPI report which spurred the bulk of intraday gains, as the data appeared to remove most doubts about a Federal Reserve rate cut next week.

  • Per our tech analyst, the S&P E-Mini contract (Z4 ) maintains a bullish tone, though for now futures (6,097.50, +0.85% as of 1520ET) remain just below the nearest resistance of 6,111.00 (Dec 6 all-time high).
  • Communication Services was the leading sector (+2.7%), driven by a 4% rise in Alphabet which is now up 10% over two sessions on the back of a quantum chip breakthrough. Other strong performers included fellow FAANG stalwarts Netflix (+2.7%) and Meta (+1.9%).
  • Consequently, NASDAQ futs (+1.9%) are outperforming their S&P counterparts, and at fresh all-time highs.
  • Consumer Discretionary (+1.8%, with notables Tesla +4.6% and Amazon +2%) and Info Tech (+1.7%, Broadcom +6.8% and NVIDIA +3.5%) were close behind.
  • Lagging were Utilities (-0.6%) and Health Care (-1.1%).