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Equities Roundup: Off Early Highs

US STOCKS
  • Stocks trading modestly higher for the most part, off early session highs, with Dow stocks underperforming in the second half. Currently, DJIA shares are down 47.3 points (-0.13%) at 35476.25, S&P E-Mini Future up 0.25 points (0.01%) at 4596, Nasdaq up 56.3 points (0.4%) at 14185.6.
  • Leading gainers: Communication Services, Information Technology and Consumer Discretionary sectors outperformed in the second half. Communication Services led by strong gains in Comcast +6%, Meta +5.45% (earnings and forward guidance beat expectations), Charter Communication +2.38%. Chip stocks buoyed IT sector: Lam Research +10.3%, Applied Materials +7.2%, KLA Corp +7.0%.
  • Laggers: Utilities, Real Estate and Financials underperformed. Financial services stocks lagged banks and insurance companies Thursday: S&P Global -7.25%, Fiserv Inc -2.86%, Ameriprise -2.0%. Early Bbg headline: EIGHT BIGGEST US BANKS FACE A 19% BOOST IN CAPITAL REQUIREMENTS, did little to dampen shares of Citi +1.92%, Fifth Third +0.56%, KeyCorp +0.5%.
  • Technicals: The E-mini S&P contract remains in a bull mode condition and is trading higher today. Attention is on the top of the bull channel drawn from the March 13 low - the top intersects at 4632.89 today and it has been pierced. A clear channel breakout would strengthen bullish conditions and open 4639.69, a Fibonacci projection. A corrective pullback, if seen, would initially target the 20-day EMA at 4522.44 and a key short-term support.

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