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Late Equity Roundup: Drifting Higher, Consumer Sectors Outperform

US STOCKS

Stocks continue to gradually extend gains into the FI close, support in SPX eminis lead by Consumer Staples and Discretionary sectors. Currently, SPX eminis trades +19.5 (0.46%) at 4300.75; DJIA +157.5 (0.47%) at 33918.07; Nasdaq +82.6 (0.6%) at 13129.86.

  • Weak economic data (NY Fed Empire State index -31.5 vs. 5.0 est - largest monthly decline since May '20; NAHB Housing Mkt Index 49 vs. 55) continues to be good new for stocks as it tempers more aggressive rate hike exp for Sep and on.
  • While the earnings cycle winds down, some big retailer earnings remain on tap: Walmart (WMT) early Tuesday: $1.632 est; Home Depot (HD) early Tuesday: $4.983 est; Target (TGT) early Wednesday: $0.725 est; Lowe's Group (LOW) early Wednesday: $4.611 est; Tech: Cisco (CSCO) early Wednesday: $0.816 est; Applied Materials (AMAT) $1.77 est early Thu.
  • SPX leading/lagging sectors: As noted, Consumer Staples (+1.03) and Discretionary (+0.72%) outperforming, auto makers leading the latter w/ Tesla +3.43%. Laggers: Energy (-2.29%) as crude levels hit on hopes of Iran/EU nuclear deal in the short term, Materials (-0.15%) and Financials (+0.19%).
  • Dow Industrials Leaders/Laggers: Visa (V) +$4.79 at 216.12, Goldman Sachs (GS) +3.32 at 357.14 and Disney (DIS) $2.87 at 124.44. Laggers: Chevron (CVX) -3.23 at 156.62, Caterpillar (CAT) -1.17 at 195.67, 3M (MMM) -0.69 at 151.55.
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