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Equities Roundup: Financial & IT Shares Outperform

US STOCKS
  • Stocks continue to grind higher Monday, SPX eminis still shy of last Friday's high print (4559.25) bet level since early April 2022. Currently, S&P E-Mini Future are up 14.5 points (0.32%) at 4551.25, DJIA up 64.3 points (0.19%) at 34573.37, Nasdaq up 105.6 points (0.7%) at 14219.76.
  • Leading gainers: Financials, Information Technology and Industrials sectors are outperforming. Insurance providers narrowly outpace banks this morning, Arch Capital Group +5.10%, Progressive +4.35% and AIG +2.6%. Banks are trading firmer following start of latest earning cycle last Friday, Wells Fargo +2.25%, JP Morgan +1.85, Zion Bancorp +1.8.
  • As has been the case for weeks, IT sector support driven by AI applications demand for semiconductors: First Solar +6.08%, Enphase +4.3%, On Semiconductor +3.85, Monolithic Power +3.45%.
  • Laggers: Communication Services, Utilities and Real Estate sectors underperforming. Telecom shares weighing on the former with ATT -5.15%, Verizon -4.75. ATT shares fall below $14.0, nearly 30-year low after Citi analysts downgraded the company.
  • Look ahead: Banks resume earnings announcement tomorrow: Bank of New York Mellon, Bank of America, Charles Schwab, Morgan Stanley.
  • Wednesday includes Citizens Financial, M&T Bank, Northern Trust, US Bancorp, Goldman Sachs, Discover Financial, Fifth Third Bancorp, KeyCorp, Truist Financial, Capital One, Comerica, Huntington Bancshares and American Express.

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