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REPOST Late Equity Roundup:  Late Session Rally, Tech Shares Strong

US STOCKS
Major stock indexes trading strong after the FI close, breaking session highs after June FOMC minutes provided little that markets didn't know already. Cautious risk-on ahead Fri's employment data and start of next earnings cycle that kicks off next week SPX eminis trading +26.0 (+0.68%) at 3856.5; DJIA +162.5 (0.52%) at 31086.19; Nasdaq +71.6 (0.6%) at 11395.93.
  • Stocks tracked higher Tsys in early trade, pre-data tone risk-off bid for rates on recession concerns w/ stocks supported on prospect of less aggressive 2H rate hikes. Better than expected data (ISM, PMI) weighed on rates since midmorning.
  • SPX leading/lagging sectors: Information Technology (+1.41%) edged past Utilities (+1.32%) as semiconductors, soft- and hardware traded strong. Laggers: Energy sector (-1.36%) trades broadly weaker even as Crude bounced off lows (WTI --0.80 at 98.70), EOG, Hess, Diamondback, Devon, Marathon all weaker. Consumer Discretionary (+0.14%) with consumer services and autos bouncing, followed by Financials (+0.23%).
  • Dow Industrials Leaders/Laggers: United Health (UNH) surged +11.85 at 517.09, Microsoft (MSFT) +4.72 at 267.57, Travelers Ins (TRV) gained 3.75 to 170.95. Laggers: Goldman Sachs (GS) -2.08 at 295.12, Chevron (CVX) -1.61 at 141.05, Caterpillar (CAT) -0.96 at 172.80.

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