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Late Equity Roundup: CitiGroup Outperforms, Buoys Bank Sector

US STOCKS

Stocks trading near late session highs after the FI close, improved risk appetite after Atlanta Fed Bostic, SF Fed Daly helped temper hawkish policy rhetoric (since Wed's hit CPI) as rates pared losses stating she is already "seeing signs inflation is slowing", concern over recession not high on her list of outcomes.

  • SPX eminis currently trading +65.5 (1.73%) at 3858.75; DJIA +589.57 (1.92%) at 31217.75; Nasdaq +175.3 (1.6%) at 11426.19.
  • SPX leading/lagging sectors: Financials outperform (+3.76%) while some banks missed earnings est's, Citigroup (C) beat: 2.19 eps vs. 1.699 est. Citi shares gaining 14.5% in late trade, buoying other bank shares. Health Care (+2.14%) and Consumer Discretionary (+1.87%) followed. Laggers: Utilities (+0.16%), Consumer Staples (+0.28%) and Real Estate (+1.33%).
  • Dow Industrials Leaders/Laggers: United Health (UNH) +23.77 at 526.20; as note, bank shares bounced: Goldman Sachs (GS) +13.86 at 299.45, JPM +5.39 at 113.39. Laggers: Procter Gamble (PG) -0.49 at 144.78, Coca-Cola (KO) +0.18 at 62.37, Boeing (BA) +0.20 at 147.35.
  • Earnings expected next Monday: Bank of America (BAC), Charles Schwab(SCHW), Goldman Sachs (GS).
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Stocks trading near late session highs after the FI close, improved risk appetite after Atlanta Fed Bostic, SF Fed Daly helped temper hawkish policy rhetoric (since Wed's hit CPI) as rates pared losses stating she is already "seeing signs inflation is slowing", concern over recession not high on her list of outcomes.

  • SPX eminis currently trading +65.5 (1.73%) at 3858.75; DJIA +589.57 (1.92%) at 31217.75; Nasdaq +175.3 (1.6%) at 11426.19.
  • SPX leading/lagging sectors: Financials outperform (+3.76%) while some banks missed earnings est's, Citigroup (C) beat: 2.19 eps vs. 1.699 est. Citi shares gaining 14.5% in late trade, buoying other bank shares. Health Care (+2.14%) and Consumer Discretionary (+1.87%) followed. Laggers: Utilities (+0.16%), Consumer Staples (+0.28%) and Real Estate (+1.33%).
  • Dow Industrials Leaders/Laggers: United Health (UNH) +23.77 at 526.20; as note, bank shares bounced: Goldman Sachs (GS) +13.86 at 299.45, JPM +5.39 at 113.39. Laggers: Procter Gamble (PG) -0.49 at 144.78, Coca-Cola (KO) +0.18 at 62.37, Boeing (BA) +0.20 at 147.35.
  • Earnings expected next Monday: Bank of America (BAC), Charles Schwab(SCHW), Goldman Sachs (GS).