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Late Equities Roundup: Extending Highs

US STOCKS
  • Stocks extended highs in late Thursday trade, Consumer Discretionary and Consumer Staples outperforming. Currently, the DJIA is up 321.76 points (0.84%) at 38472.78, S&P E-Minis up 51.75 points (1.06%) at 4922, Nasdaq up 190.1 points (1.3%) at 15354.52.
  • Consumer Discretionary and Consumer Staples sector shares led gainers, broadline retailers buoyed the former: Etsy +8.01%, Lowe's +3.38%, Tractor Supply +3.14%. Food & beverage and retail distributors supported the former: Brown Forman +3.33%, Altria Group +3.12% Constellation Brands +2.48% while Target gained +3.61%, Dollar Tree +3.36%.
  • Notable dynamic: carry-over weakness in regional bank shares helped Treasury futures rally back to late December highs which simultaneously pushed projected rate cut chances higher and underpinned stocks.
  • After NY Community Bancorp fell over 40% Wednesday, -8.6% again today after they cut it's dividend and posted a loss on purchase of collapsed Signature Bank shares. Meanwhile KBW Regional Banking Index is down -1.91% -- off lows.
  • Off midday lows, large banks still weighed on the Financial sector amid some concern over spreading risks: Zion Bancorp -5.42%, M&T Bank -3.98%, PNC -3.29%.
  • Looking ahead: corporate earnings docket after the close: Meta, US Steel, Amazon, Apple, Clorox and Eastman Chemicals.

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