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Late Equity Roundup, Strong Relief Rally, MSFT Surge

US STOCKS
More of a relief rally than a risk-on move as stocks continue to gain after the FI close. SPX well through first resistance of 4016.25 ( July 22 high), ESU2 currently 4028.75. Stocks gained momentum amid no definitive hawkish guidance for Sep as Fed remains data dependent, soft landing still a significant challenge. Chair Powell says he does not see the US currently in a recession with "too many areas of the economy that are performing too well and of course" namely the labor market.
  • Currently, DJIA +463.02 (1.46%) at 32229.85; Nasdaq +473.4 (4.1%) at 12036.55.
  • Earnings after the close: Meta $2.541 est, Equinix (EQIX) $5.032 est, NCR Corp $0.604, Qualcomm $2.862 est, ETSY $0.609 est, Raymond James Fncl $1.633 est. Heavy earnings slate continues Thursday.
  • SPX leading/lagging sectors: Communication Services (+5.32%) lead by interactive media/entertainment: Google +8.3%, Meta +6.98%, Match Grp +5.5%. Information Technology (+4.63%) and Consumer Discretionary (+4.22%) follow, autos leading the latter, Tesla outperforming +6.31%. Laggers:Utilities (+0.17%), Real Estate (+0.63%), Health Care (+0.88%).Dow Industrials Leaders/Laggers: Microsoft (MSFT) +17.21 at 269.11, Salesforce.Com (CRM) +11.70 at 182.16, Goldman Sachs (GS) +7.68 at 326.23. Laggers: Visa (V) -1.34 at 211.15, 3M (MMM) -1.12 at 139.63, Travelers (TRC) -1.06 at 159.80.
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