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Equities Roundup: Banks Led Early Gainers, S&P, Nasdaq Tap New Highs

US STOCKS
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  • Stocks are mixed ahead midday trade, scaling back from midmorning highs after Fed Chairman Powell's semi-annual testimony to Congress spurred brief risk-on flows. U.S. interest rates are likely to fall from here as the labor market has cooled, Federal Reserve Chair Jerome Powell said Tuesday, all but ruling out further rate hikes.
  • S&P Eminis and Nasdaq indexes marked new all-time highs for the sixth consecutive session (5,642.75 and 18,505.82 respectively). Currently, S&P E-Minid trade up 12 points (0.21%) at 5637.5, Nasdaq up 43.9 points (0.2%) at 18447.63, while the DJIA trades down 64.58 points (-0.16%) at 39280.73.
  • Financials and Communication Services led gainers in the first half, banks supporting the former: Citigroup +2.16%, Bank of America +1.66%, JP Morgan +1.02%. Reminder, banks highlight the latest equity earnings cycle that kicks off Friday: Wells Fargo, Bank of NY Mellon, JP Morgan and Citigroup.
  • Interactive media and entertainment shares buoyed Communication Services: Netflix +1.18%, Fox Corp +1.12%, News Corp +1.11%.
  • On the flipside, Materials and Energy sectors underperformed in early trade, chemical companies weighed on the former as Albemarle fell 7% as falling lithium prices spurred downgrades. Smurfit -2.4%, FMC Corp -1.53%. Energy equipment and services shares trade weaker: Schlumberger -1.64%, Baker Hughes -0.85%, Haliburton -0.66%.
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  • Stocks are mixed ahead midday trade, scaling back from midmorning highs after Fed Chairman Powell's semi-annual testimony to Congress spurred brief risk-on flows. U.S. interest rates are likely to fall from here as the labor market has cooled, Federal Reserve Chair Jerome Powell said Tuesday, all but ruling out further rate hikes.
  • S&P Eminis and Nasdaq indexes marked new all-time highs for the sixth consecutive session (5,642.75 and 18,505.82 respectively). Currently, S&P E-Minid trade up 12 points (0.21%) at 5637.5, Nasdaq up 43.9 points (0.2%) at 18447.63, while the DJIA trades down 64.58 points (-0.16%) at 39280.73.
  • Financials and Communication Services led gainers in the first half, banks supporting the former: Citigroup +2.16%, Bank of America +1.66%, JP Morgan +1.02%. Reminder, banks highlight the latest equity earnings cycle that kicks off Friday: Wells Fargo, Bank of NY Mellon, JP Morgan and Citigroup.
  • Interactive media and entertainment shares buoyed Communication Services: Netflix +1.18%, Fox Corp +1.12%, News Corp +1.11%.
  • On the flipside, Materials and Energy sectors underperformed in early trade, chemical companies weighed on the former as Albemarle fell 7% as falling lithium prices spurred downgrades. Smurfit -2.4%, FMC Corp -1.53%. Energy equipment and services shares trade weaker: Schlumberger -1.64%, Baker Hughes -0.85%, Haliburton -0.66%.