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Equites Build on Recent Rally, Strike Alltime Highs

EQUITIES
  • Despite Monday's pullback, the equity rally from the week's low has been impressive. The e-mini S&P has added over 175 points from the Monday low, pushing the index to new alltime highs to touch 4,400.
  • A solid showing from communication services and consumer staples were behind the drive higher, with solid outperformance in social media names (Facebook, Twitter, Alphabet) on the back of solid Snap and Twitter earnings.
  • European indices gained in sympathy, with notable outperformance in French and Italian markets.
  • Earnings season will be key for the sustainability of the rally, with close to 50% of the S&P 500 by market cap due to report in the coming week. Highlights include tech titans Apple, Amazon, Microsoft, Alphabet, Tesla, Facebook and more.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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