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Late Equity Roundup: Materials, Communication Services Lead Rally

US STOCKS

Stocks continued to extend gains through the second half, near highs after the FI close: SPX eminis near highs are currently trading +98 (2.56%) at 3931.75; DJIA +676.84 (2.18%) at 31749.58; Nasdaq +324.8 (2.9%) at 11684.86.

  • Early positive tone as earnings consistently beat estimates ahead the open: huge beat for Lockheed Martin (LMT) $6.32 vs. $3.974 est. Reporting after the close: Netflix (NFLX) $2.915 est, Interactive Brokers (IBkR) $0.912 est and JB Hunt (JBHT) $2.344 est.
  • Expected to announce Wed: Abbott Labs (ABT) $1.117 est, Biogen (BIIB) $4.124, Tesla (TSLA) $1.831, Alcoa (AA) $2.392, United Airlines (UAL) $1.871.
  • Green-light for risk assets, stocks continued to gain after late morning on headlines Nord Stream 1 pipeline to restart flow at reduced levels Thu.
  • SPX leading/lagging sectors:Materials (+3.00%), Communication Services (+2.97%) supported by Netflix (+5.22%), Meta +4.93% and News Corp (NWS) +3.95%. Laggers: Utilities (+0.79%), Consumer Staples (+0.91%) and Health Care (+1.67%).
  • Dow Industrials Leaders/Laggers: Goldman Sachs (GS) extends Mon's post-earning rally by another +16.55 at 317.91, United Health (UNH) +10.49 at 529.86, Boeing (BA) +7.29 at 155.01. Laggers: IBM -8.13 at 130.00, JNJ -1.93 at 172.30.

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