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Equities Roundup

US STOCKS
  • Stocks are trading firmer after breaking through the top end of a narrow range held since Monday evening in the last hour. Bid occurred around the time Atlanta Fed Bostic reaffirmed his view that the Fed's benchmark interest rate is high enough to get inflation under control without dragging the economy into recession. Currently, S&P E-Mini futures are up 42.75 points (0.98%) at 4412, DJIA up 252.03 points (0.75%) at 33856.01, Nasdaq up 151.2 points (1.1%) at 13635.58.
  • Leaders: Consumer Discretionary, Materials and Consumer Staples sectors outperformed, autos and parts makers led the former: Tesla +2.77%, Borg-Warner +1.42%, Ford and GM both +1.35%. Metals, mining and chemical stocks buoyed the Materials sector: Albemarle +4.95%, Sealed Air Corp +3.38%, International Flavors and Fragrances +2.8%. Meanwhile, retail names supported the Consumer Staples sector: Target +3.83%, Dollar Tree +3.38%, Sysco +1.4%.
  • Laggers: Energy, Health Care and Communication Services sectors underperformed, oil and gas stocks lagging the broad based rebound: APA -0.9%, EQT Corp -0.72%, Occidental Petroleum -0.37%. Meanwhile, pharmaceuticals and biotech shares lagged the Health Care sector: Merck -1.03%, Amgen 0.42%, AbbVie -0.28%. Interactive media and entertainment lagged Communication Services: Charter Communication and Activision both -0.1%.
  • Reminder, Q4 earnings cycle gets underway with several bank shares reporting this Friday: JP Morgan, Wells Fargo, Blackrock, PNC Financial and Citigroup expected.
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