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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.
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Free AccessEquities Roundup: Consumer Staples, Materials Outperforming
- Stocks are trading firmer, off midday lows as indexes recover appr half of Wednesday's post-FOMC sell-off. Currently, the DJIA is up 206.44 points (0.54%) at 38352.25, S&P E-Minis up 32.5 points (0.67%) at 4902.5, Nasdaq up 110.5 points (0.7%) at 15272.26.
- Factors in play: carry-over weakness in regional bank shares helped Treasury futures rally back to late December highs which simultaneously pushed projected rate cut chances higher and underpinned stocks.
- NY Community Bancorp fell over 40% yesterday, traded -14% again today after they cut it's dividend and posted a loss on purchase of collapsed Signature Bank shares. Meanwhile KBW Regional Banking Index is down -5.13% at the moment.
- Financials sector shares are weighed down by larger banks amid some concern over spreading risks: Zion Bancorp -9.14%, M&T Bank -6.62%, Comerica -6.18%, Keycorp -6.09%.
- Beneficiaries of the move in rates: Consumer Staples and Materials sector shares led gainers: food & beverage and retail distributors supported the former: Altria Group +3.17%, Brown Forman +2.6%, Constellation Brands +2.45% while Dollar Tree gained 2.96%, Target +2.27%.
- Materials were buoyed by mining and chemical shares: Corteva rallying 18.5% after reporting solid Q4 earnings late Wednesday and announcing a $1B share buyback. FMC +7.42%, while Newmont Corp gained 2.84%.
- Looking ahead: corporate earnings docket after the close: Meta, US Steel, Amazon, Apple, Clorox and Eastman Chemicals.
To read the full story
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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.