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Equity Roundup: Back to Mid-Sep Highs

Stocks stronger at midday, little off post-PPI highs after SPX climbed past last Thu's highs to best levels since mid-September. Stocks gap-bid after lower than forecasted PPI (MoM +0.2% vs. 0.4% est; YoY +8.0% vs. +8.3% est) underscored policy pivot pricing of 50bp hike in December vs. 75bp last week.
  • SPX eminis currently trading +52.75 (1.33%) at 4019; DJIA +189.87 (0.57%) at 33724.31; Nasdaq +263.5 (2.4%) at 11459.54. Last wk's rally strengthens a short-term bullish condition and price has established a sequence of higher highs and higher lows on the daily scale, opens 4100.00 round number resistance for SPX.
  • SPX leading/lagging sectors: Communication Services sector outperformed (+2.81%) lead my media & entertainment (Paramount +8.82%, Google +4.27%, NFLX +3.94%); Consumer Discretionary (+2.45%) and Information Technology (+2.39%) followed, semiconductors lead the latter. Laggers: Energy (-0.03%) scaling back after trading stronger last few sessions, Materials (+0.17%), Health Care (+0.18%).
  • Dow Industrials Leaders/Laggers: Walmart (WMT) +10.19 at 148.58 after strong earnings ($1.50 vs. $1.32 est) forward guidance; Home Depot (HD) +6.27 at 313.19, Visa (V) +5.09 at 211.98. Laggers: United Health (UNH) -7.77 at 505.98, McDonalds (MCD) -3.13 at 269.14, Amgen (AMGN) -2.33 at 282.97.

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