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Late Equity Roundup, Peaking Inflation?

US STOCKS

Stocks modestly weaker after the FI - well off post-CPI lows amid a debate over peaking inflation and whether the Fed may be near the end of hawkish policy (both unlikely as heavy short end selling prices in strong chance of 100bp hike at end of the month). SPX eminis currently trading +1.25 (0.03%) at 3827.75; DJIA -61.28 (-0.2%) at 30941.28; Nasdaq +43.8 (0.4%) at 11316.56.

  • SPX leading/lagging sectors: Consumer Discretionary pared earlier gains but still outperformed (+0.92%), lead by autos w/ Tesla in the lead (+1.75%), Consumer Staples up next (+0.11%) followed by Energy (-0.08%). Laggers: Industrials (-1.08%), Communication Services (-1.05%), and Financials (-0.86%).
  • Dow Industrials Leaders/Laggers: Home Depot (HD) +2.49 at 287.61 followed by McDonalds (MCD) +1.54 at 253.02 and Proctor & Gamble (PG) +1.24 at 145.99. Laggers: United Health (UNH) -10.64 at 503.78, Boeing (BA) -3.17 at 143.98, Goldman Sachs (GS) -2.59 at 289.94.
  • Reminder: Earnings season picks up in earnest with JP Morgan and Morgan Stanley reporting early Thu, Bank of NY Mellon, Wells Fargo, Citi Group, Blackrock, State Stree and US Bancorp on Friday.
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