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Equities Roundup: Risk Appetite Improved on Debt Ceiling Optimism

US STOCKS
Stocks continue to make gains early in the second half, carry-over support after Nvidia's unprecedented surge on Thursday helped a broad based rally in tech stocks and indexes in general that carried over to Friday.
  • Of course, optimism over a debt ceiling deal before the US runs out of money on or after June 1's "X" date, helped improve risk appetite going into the extended Memorial Holiday weekend. Currently, S&P E-Mini futures are up 53.25 points (1.28%) at 4212.75; Nasdaq up 278.5 points (2.2%) at 12976.14; DJIA up 309.69 points (0.95%) at 33075.7.
  • SPX levels bounced after testing the 50-day EMA support at 4124.40 Wednesday. A continuation higher would refocus attention on initial key resistance at 4227.25, the May 19 high. Clearance of this hurdle would resume the uptrend that started on Mar 13.
  • Leading laggers: Consumer Discretionary sector lead by auto makers outpaced Information Technology shares, followed by continued strength in Communication Services and Real Estate sectors.
  • Leading laggers: Energy, Utilities and Health Care sectors underperformed Friday.

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