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Equity Roundup: Stocks Gaining on De-Escalation Hopes

US STOCKS

Stocks making decent gains after the cash open (SPX emini ESH2 tapped 4262.0 high) on early risk-off unwinds that kicked off in early London trade amid de-escalation hopes in Russia/ war in Ukraine.

  • Headlines continue to deliver real-vol: Stocks took leg higher ahead the open on headlines Ukraine ready for diplomatic solution to strife, according to Pres Zelensky aide. Move tempered after aide added security guarantees are required while Ukraine "Won't Trade `Single Inch' Of Territories".
  • Meanwhile, US/allies continue to sanction Russia. Mkts remain on edge after Russia looked to ban exports late Tue. Just out: Russia gov commission "approved first step towards nationalizing property of foreign firms that leave Russia"
  • SPX eminis currently trading 4260.0, holding between first technical support of 4101.75 Low Feb 24 and a bear trigger, and first resistance: 4349.88/4418.75 20-day EMA / High Mar 3. SPX leading/lagging sectors: gaining after days pressure: Financial sector +3.40%, Information technology +2.81%; with oil trading weaker this morning, Energy sector -2.42%. Bank of America (BAC) +5.03% at 40.53 as client payments climbed 16% from year ago levels.
  • Dow leaders: Goldman Sachs (GS) +10.40 to 331.77, American Express +8.40 at 182.20 while Boeing (BA) climbs 8.89 to 284.74 on hopes Congress will extend Max 10 safety rule exemption.
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