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Equity Roundup: Near Late Session Highs

US STOCKS
Stocks trading near session highs after FI close -- back near last Fri's levels as risk appetite improved. Better than expected ADP private jobs gain of +475k vs +375k est (and massive Jan up-revision to +509k from - 301k!) set the stage for lower rates ahead Fed chairman Powell's testimony to Hse Fncl Services Comm.
  • Fed Chairman Powell remains inclined for 25bp liftoff on March 16, but keeping 50bp hike option open if inflation "stays hot".
  • Stocks powered higher in the second half, ESH2 topping 4397.0. No obvious standout headline driver, but some desks cite short covering after the rout since Monday on hopes of some peace accord as Ukraine delegates said to be heading to talks with Russian counterparts.
  • Leading SPX sectors at the moment: Energy, Financials and Materials -- all seeing some relief bounce after punishing sell-off/reaction to global sanctions on Russia.

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