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Extending Late Session Highs, Materials, Energy Outperforming


Stocks continue to extend highs after the FI close, ongoing risk-on support following the WSJ article speculating currently priced 75bp hike in Dec (also spurring strong bid short end Tsys) overdone.

  • Underscoring this take: San Francisco Federal Reserve President Mary Daly said Friday the FOMC needs to start considering a slowing the pace of interest rate hikes in order to avoid tightening monetary policy too much, adding the benchmark lending rate could reach 4.5% to 5% next year.
  • At the moment, Materials, Energy and Consumer Discretionary leading move in SPX eminis currently trading +82.25 (2.24%) at 3757.25; DJIA +691.07 (2.28%) at 31022.24; Nasdaq +214.9 (2%) at 10829.26.
  • SPX leading/lagging sectors: Materials (+3.24%) lead by mining stocks, Energy (+2.77%) w/equipment and servicers outperforming oil and gas, Consumer Discretionary (+2.58%) edge past Financials (+2.57%). Laggers: Real Estate (+0.30%) followed by Communication Services (+0.60%) weighed by Verizon (VZ) 4.46% despite beating earnings est this morning ($1.32 vs $1.284 est), Twitter (TWTR) -4.60% and META -1.82%.
  • Dow Industrials Leaders/Laggers: Goldman Sachs (GS) continues to gain +13.34 at 324.15, United Health (UNH) +11.63 at 532.51, Caterpillar (CAT) +8.56 at 189.40. Laggers: American Express (AXP) -4.31 at 138.11, Verizon (VZ) -1.71 at 35.29, Intel (INTC) +0.75 at 26.85.

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