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Late Equity Roundup: 2W Highs

US STOCKS

Stock looking to finish the week stronger, SPX eminis back to June 13 levels, ESU2 currently at 3899.0 (+99.25) vs. post FOMC low of 3649.00. DJIA +718 (2.34%) at 31397.09; Nasdaq +303 (2.7%) at 11536.68.

  • Risk-on logic as far as it goes -- that while recession cares and near term rate hikes remain, Stocks are gaining as second month of weak PMI data is tempering rate hike expectations by year end with some models looking for rate cuts by first half of 2023.
  • SPX leading/lagging sectors: Financials gaining after US Banks passed 2022 Fed Stress Tests late Thu, bank shares +3.61%. Next up: Materials, Industrials and Communication Services all clustered around +3.38%. Laggers: Midweek support wanes for Health Care (+1.21%) followed by Consumer Staples and Utilities, both +1.77%.
  • Dow Industrials Leaders/Laggers: Financials strong as noted, Goldman Sachs (GS) +15.63 at 301.80, while Visa (V) +7.32 at 203.96; SalesForce (CRM) +11.80 at 184.85, Boeing (BA) +7.50 at 141.47. Laggers: stronger all week, United Health (UNH) -8.44 at 491.37 after annc purchase of UK health care group EMIS earlier in week.
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Stock looking to finish the week stronger, SPX eminis back to June 13 levels, ESU2 currently at 3899.0 (+99.25) vs. post FOMC low of 3649.00. DJIA +718 (2.34%) at 31397.09; Nasdaq +303 (2.7%) at 11536.68.

  • Risk-on logic as far as it goes -- that while recession cares and near term rate hikes remain, Stocks are gaining as second month of weak PMI data is tempering rate hike expectations by year end with some models looking for rate cuts by first half of 2023.
  • SPX leading/lagging sectors: Financials gaining after US Banks passed 2022 Fed Stress Tests late Thu, bank shares +3.61%. Next up: Materials, Industrials and Communication Services all clustered around +3.38%. Laggers: Midweek support wanes for Health Care (+1.21%) followed by Consumer Staples and Utilities, both +1.77%.
  • Dow Industrials Leaders/Laggers: Financials strong as noted, Goldman Sachs (GS) +15.63 at 301.80, while Visa (V) +7.32 at 203.96; SalesForce (CRM) +11.80 at 184.85, Boeing (BA) +7.50 at 141.47. Laggers: stronger all week, United Health (UNH) -8.44 at 491.37 after annc purchase of UK health care group EMIS earlier in week.