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Late Equity Roundup, Extending Gains

US STOCKS

Stocks continue to extend session highs heading into the FI close, SPX futures at the highest level since June 9, lead by Energy and Consumer Discretionary sectors.

  • Currently, SPX eminis trade +55.75 (1.37%) at 4129; DJIA +276.07 (0.85%) at 32804.9; Nasdaq +210.5 (1.7%) at 12372.85. Midmorning support for stocks and rates: MNI's Chicago Business BarometerTM indicator fell 3.9-points to 52.1, the lowest level since August 2020, as rate hike expectations in the latter half of the continue to ease.
  • SPX leading/lagging sectors:Energy sector outperforming (+4.41%) lead by Chevron (CVX) +8.58%, Exxon (XOM) +4.39% (both beat earnings ests this morning: CVX $5.82 vs. $4.965 est, XOM $4.14 vs. $3.975 est.
  • Consumer Discretionary (+4.23%) lead by internet/direct marketing shares and auto manufacturers: Amazon +11.76% despite missing earnings est of $0.15 at $0.10, Ford (F) +4.18%, outpacing Tesla (TSLA) +3.93%. Laggers: Consumer Staples (-0.78%), Health Care (-0.63%), Real Estate (+0.28%) and Communication Services (+0.40%)
  • Dow Industrials Leaders/Laggers:Caterpillar (CAT) +10.72 at 198.56, Apple (AAPL) +5.43 at 162.77. Laggers: Proctor and Gamble (PG) -7.98 at 140.08, Intel (INTC) -3.40 at 36.31.

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