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Equities Roundup, Energy and Regional Banks Outperform

US STOCKS

Stocks have drifted off midday lows, near early session highs on narrow range: S&P E-Mini Futures up 5.5 points (0.13%) at 4155.75; DJIA down 39.36 points (-0.12%) at 33637.09; Nasdaq up 24.8 points (0.2%) at 12258.85.

  • Energy, Communication Services and Financial sectors still outperforming, Energy shares supported by a rebound in crude (WTI +1.75 at 73.09), Financials as regional bank stocks continue to recover from last week's selling (PacWest Bancorp +4% at the moment vs. over 30% on the open).
  • From a technical point of view, SPX is still well above support at 4062.25 Low May 4 and key near-term support. On the flipside, a continuation higher would refocus attention on key resistance and the bull trigger at 4206.25, the May 1 high. A break of this level would confirm a resumption of the bull trend that started Mar 13.
  • Quarterly earnings resume after the close: Trex, Devon Energy, McKesson Corp, Lucid Group, Talos Energy, Diversified Healthcare Trust, Palantir Technologies, Western Digital Corp, International Flavors & Fragrances and PayPal Holdings.

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