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Equity Roundup: Relief Rally as Focus Turns to Monetary Policy

US STOCKS

Stocks trading higher this morning (SPX eminis 26.5 points (0.62%) at 4329.25) is less of a risk-on move and more of a brief cessation of risk-off as focus turns from geopolitical risk to monetary policy with Fed Chairman Powell scheduled to give semi-annual mon-pol testimony, House Financial Services Comm at 1000ET.

  • SPX leading/lagging sectors:
    • Energy +1.17%
    • Financials +0.79%
    • Materials +0.67%
  • Knock-on pressure for Large US Banks likely to continue after EU proceeds with ban on seven Russian bank access to SWIFT: Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank, Vnesheconombank (VEB), VTB Bank.
  • VanEck Russia ETF (RSX US) -19% in pre-market trading
  • On the flipside:
  • Nordstrom (JWN) gain over 30% pre-market following strong quarterly sales and 2022 guidance.

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