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Equity Roundup: Earnings Kick Off Health Care Strong

US STOCKS

Major indexes trading mixed late morning Friday, well off pre-open lows (weakness tied to mixed bank earnings) as UofM consumer confidence data underscores case for a soft landing for the economy (64.6 (cons 60.7) in the prelim Jan report. SPX eminis currently trades -14.75 (-0.37%) at 3987.5; DJIA +7.96 (0.02%) at 34193.93; Nasdaq -42.2 (-0.4%) at 10956.73.

  • SPX leading/lagging sectors: Health Care sector (+.057%) outperformed w/ equipment and services providers outpacing pharmaceuticals and biotechs (ELV, CI and UNH +2-2.15%). Financials next up (-0.11%) amid mixed earnings annc from financials:
    • Wells Fargo (WFC) miss: $19.66B revenue vs. $19.95B est, Blackrock (BLK) beat: $4.34B revenue vs. $4.25B est, JPM eps beat: $3.57 vs. $3.10 est but shares trade weaker as income interest of $73B missed $74.43B est. Non-financials: United Health (UNH) beat, $5.34 vs. $5.17 est, Delta Air (DAL) beat $1.48 vs. $1.301 est.
  • Laggers: Real Estate (-1.09%), Utilities (-0.94%) and Information Technology (-0.75%).
  • Dow Industrials Leaders/Laggers: United Health surged +12.04 to 507.71 following earnings beat, Goldman Sachs (GS) +2.12 at 372.06, Caterpillar (CAT) +1.95 at 257.02. Laggers: Microsoft (MSFT) -2.45 at 236.06, Visa (V) -2.27 at 221.35, Honeywell (HON) -2.20 at 213.78.

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