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Futures Push Lifts Cash Index Within Range of Alltime High

EQUITIES
  • Equities move from strength to strength in recent trade, helping tip the e-mini S&P to new highs of 4827.00 - a new alltime best level for the generic contract. Notably, the cash S&P 500 is yet to re-touch the 2022 highs of 4818.62, but the latest move in futures will notably narrow that gap.
  • Communication services names are leading the way higher, with an outsized contribution from Alphabet (Google), who benefit from a reported restructuring of their ad sales unit. Shares trade higher by 3.5% as a result.
  • Gains are not uniform, however, with the Dow Jones future lagging, lower by 0.1% thanks to weakness in UnitedHealth, knocking 20 points off the index amid broader weakness across defensive healthcare names.
  • NYSE's Tick Index has shown little in the way of selling interest from the open, with buy programs at 1010ET, 1030ET and 1038ET helping support the headline index.
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