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Equity Roundup: Inflation Expectations Sap Early Bounce


After a firmer open, stock indexes near recent session lows after midday, negative reaction to a rise of inflation expectations via U-Mich sentiment reporting. In-turn, short end rates came under renewed pressure as chances of a 75bp rate hike in the next two FOMC meeting climbed higher.

  • Health Care and Financials sectors outperformed, the latter after multiple banks reported better than expected earnings. Currently, SPX eminis trade -67.5 (-1.83%) at 3613.5; DJIA -287.79 (-0.96%) at 29744.2; Nasdaq -245.4 (-2.3%) at 10402.35.
  • SPX leading/lagging sectors: Health Care (-0.75%) followed by Financials (-0.88%) and Communication Services (-1.30%). Laggers: Materials (-2.91), Energy (-2.77%) and Consumer Discretionary (-2.76%) the latter weighed by auto makers.
  • Dow Industrials Leaders/Laggers: United Health (UNH) making strong gains after earnings beat ($5.79 vs. $5.429 est) currently +9.46 at 519.37, JP Morgan +3.71 at 113.08, Boeing (BA) +1.29 at 133.69. Laggers: Goldman Sachs (GS) -4.64 at 302.43, Home Depot (HD) -4.09 at 278.74, Microsoft (MSFT) -3.80at 230.44.

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