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Equities Roundup: New Cycle Highs, Energy, IT and Financials Leading

US STOCKS
  • Stocks have drawn some profit taking sales in the last few minutes as indexes make new highs after midday. Currently, S&P E-Mini Future are up 20.5 points (0.45%) at 4574.75, DJIA up 327.31 points (0.95%) at 34912.73, Nasdaq up 56.5 points (0.4%) at 14302.95.
  • A bull theme in S&P E-minis made itself felt Tuesday, with the U3 contract rallying to a new cycle high. This week’s rally accelerated on a break of resistance at 4498.00, the Jun 30 high, with envelope resistance managing to slow the rally above.
  • The break confirms a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. The contract now eyes 4631.00, the high from March 29th 2022, as the next medium-term upside level.
  • Leading gainers: Energy, Information Technology and Financial shares are outperforming. a rebound in crude prices (WTI +1.40 at 75.55) has underpinned refiner/distributor stocks: APA +4.55%, Marathon +4.25%, Devon Energy +3.8%.
  • Software and services shares underpin IT, outpacing chip stocks, the latter drawing some profit taking (Nvidia, however, continues to gain, +1.75% on the day to 472.81 -- up a whopping 230% TYD). At the moment, Microsoft leads software stocks, up +4.5%.
  • Banks buoy Financials, outpacing insurance and financial services shares: Bank of America (+4.75%) after beating Q2 earnings ests (0.88 eps vs. 0.84 est). Others also beat ests: Bank of NY Mellon (+4.27%), CSFB (+12.98%) and MS (+6.53%).
  • Laggers: Utilities and Real Estate sectors underperform for the second consecutive session.
  • Look ahead: Wednesday earnings include 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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