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Equities Roundup: Health Care, Energy and Financials Leading

  • Stocks have bounced off early session lows, SPX and Nasdaq still weaker while DJIA trades firmer. Currently, DJIA are up 176.28 points (0.5%) at 35241.75, S&P E-Mini Futures are down 5 points (-0.11%) at 4592.25, Nasdaq down 60.3 points (-0.4%) at 14298.56.
  • Leading gainers: Health Care and Energy sectors are leading in early trade while Financials managing small gains. Oil and Gas shares driving Energy higher: Valero and Marathon both +2.25%. On Financials, insurance names outperforming banks with top performers Allstate +2.3%, MetLife +1.5% and PPG +1.3%.
  • Laggers: Real Estate, Consumer Discretionary and Materials. Specialized and Hotel REITS reversing midweek gains while Tesla weighs on Consumer Discretionary, -4.85% even after beating earnings and revenue ests late Wednesday: $0.91 versus estimate of $0.82. Revenues of $24.93B versus estimates of $24.48B.
  • Technicals for SPX Eminis: Prices surging through the top-end of the bull channel drawn off the March 13th low at 4608.50 yesterday, marking another positive shift for S/T momentum and clears the way for a test of the March 29th 2022 high at 4631.00 and - ultimately - all time highs.
  • Nonetheless, the RSI has now tipped into overbought territory, signaling a slowing of the uptrend could dominate to alleviate the condition over the coming few sessions.
  • Reminder: earnings after today's close: Capital One, PPG and CSX.

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