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Equities Roundup: New Emini Contract Highs

US STOCKS
  • Stocks are trading firmer ahead midday, SPX Eminis marking new contract highs with Information Technology and Materials sectors outperforming. Currently, the DJIA is up 185.08 points (0.48%) at 38708.25, S&P E-Minis up 36.75 points (0.74%) at 5012 (new contract high of 5015.25), Nasdaq up 136.2 points (0.9%) at 15747.13.
  • Leading gainers: bouncing from prior session selling, chip stocks led IT sector gains in the first half: Enphase +17.07% after matching earnings late Tuesday, optimistic over future demand. First Solar gained +3.13%, Advanced Micro Devices +2.11%.Meanwhile, construction shares lead Materials: Vulcan Materials +2.22%, Martin Marietta Materials +2.17%.
  • Laggers: Energy and Utilities sectors underperformed after the open, equipment and services shares weighed on the former: Schlumberger -1.54%, Haliburton -1.12%, Baker Hughes -0.20%. Independent power shares weighed on Utilities: Dominion Energy -0.98$, Eversource -0.95%, AES -0.67%.
  • Side bar, NY Community Bank (NYCB) continued to make headlines: Bbg reported the bank shares "jumped" this morning after management change: "NYCB NAMES ALESSANDRO DINELLO AS EXECUTIVE CHAIRMAN" Bbg, but quickly reversed course to new lows (Tsys desks cited as providing some risk-off support in rates; KBW Nasdaq Regional Banking Index slipped -1.25%).
  • Looking ahead: corporate earnings expected after the close: McKesson Corp, Monolithic Power, Spirit Airlines, O'Reilly Automotive, Walt Disney, Wynn Resorts, Equifax, PayPal Holdings, Mattel, Allstate.

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