Equity Roundup: Strong Gains Still Corrective

Stocks trading firmer at midday, SPX eminis near highs are currently trading +82 (2.14%) at 3916.75; DJIA +572.68 (1.84%) at 31649.35; Nasdaq +272.8 (2.4%) at 11635.69.

• Early positive tone earnings consistently beat estimates ahead the open:
• Signature Bank NY (SBNY) $5.26 vs. $5.057, Truist (TFC) $1.20 vs. $1.146, JNJ $2.59 vs. $2.553, Hasbro (HAS) $1.15 vs. $0.935, Halliburton (HAL) $0.49 vs. $0.449. Huge beat for Lockheed Martin (LMT) $6.32 vs. $3.974 est.
  
• Reporting after the close: Netflix (NFLX) $2.915 est, Interactive Brokers (IBkR) $0.912 est and JB Hunt (JBHT) $2.344 est.
• Green-light for risk assets, stocks continued to gain after late morning on headlines Nord Stream 1 pipeline to restart flow at reduced levels Thu.
  
• Technicals: While trading higher for the third consecutive session, short-term gains still considered corrective - for now. Resistance to watch is unchanged at 3950.00, the Jun 27 high, and the 50-day EMA at 3952.01. A clear breach of this zone would strengthen a bullish case. On the downside, a resumption of weakness and a break of 3923.75 low, would instead open key support at 3639.00, Jun 17 low.
• SPX leading/lagging sectors: Materials (+3.00%), Communication Services (+2.97%) with Meta +4.78%, Energy (+2.66%). Laggers: Utilities (+0.69%), Consumer Staples (+0.96%) and Health Care (+1.38%).
• Dow Industrials Leaders/Laggers: Goldman Sachs (GS) extends Mon's post-earning rally by another +15.26 at 316.52, United Health (UNH) +8.72 at 528.09, Boeing (BA) +6.78 at 154.50. Laggers: IBM -8.98 at 129.15, JNJ -1.70 at 172.53.