Equity Roundup: Bull Cycle Continues

Stock indexes trading higher, extending top end of session range, ignoring more hawkish Fed speak as short end rates back to pricing in >50% chance of 75bp hike at end of month. Currently, SPX eminis trade +44.25 (1.08%) at 4138.5; DJIA +306.97 (0.95%) at 32702.12; Nasdaq +232 (1.9%) at 12580.32.

• Earnings releases continues. Beating est's ahead the open: Generac Holdings (GNRC) $2.99 vs. $2.618 est, Dish Network (DISH) $0.82 vs.$0.628 est, CVS Health (CVS) $2.40 vs.$2.172 est, Borg Warner (BWA) $1.05 vs. 0.862 est, Regeneron (REGN) $9.77 vs. $8.768 est.
• After the close: Marathon Oil (MRO) $1.267 est, MetLife (MET) $1.447 est, EBAY $0.896 est.
• Technicals: Short-term outlook is bullish and short-term dips are considered corrective. For bulls, a break of Monday’s 4147.25 high would confirm a resumption of recent gains and open 4204.75 next, the May 31 high and the next key resistance. On the downside, initial trend support has been defined at 3913.25, the Jul 26 low. A break would highlight a possible reversal.
• SPX leading/lagging sectors: Communication Services sector outperforms (+2.32%) lead by media and entertainment (Meta +4.59%, Electronic Arts +3.98%, Disney +2.70%, Google +2.36%), followed by Information Technology (+1.81%) and Consumer Discretionary (+1.61%) retailing outpacing autos on the latter. Laggers: Energy (-2.16%), Utilities (-0.59% and Materials (-0.56%).
  
• Dow Industrials Leaders/Laggers: Salesforce.COM (CRM) +5.91 at 189.70, Microsoft (MSFT) +4.72 at 279.52, Amgen (AMGN) +4.61 at 248.52. Laggers: Chevron (CVX) -3.22 at 155.92, Walmart (WMT) -1.18 at 131.50, Caterpillar (CAT) -0.86 at 182.62.