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Late Equity Roundup: Back to Thursday Levels

US STOCKS
  • Stocks are extending late session highs at the moment, no obvious headline driver as indexes recover from Friday's pre-weekend selling back to late Thursday prices.
  • Currently, DJIA is currently up 533.35 points (1.65%) at 32953.37, S&P E-Mini Future up 50.75 points (1.23%) at 4188.75, Nasdaq up 157.6 points (1.2%) at 12801.36.
  • Some desks suggest (unconfirmed) month-end asset allocation from FI into stocks may be at play, while others opt to focus on this morning's lower than expected German CPI instead of earlier Nikkei story regarding the Bank of Japan to consider tweaking yield curve control framework at tomorrow's policy meeting.
  • Current leaders: Communication Services and Financial sectors continue to outperform, telecom and media/entertainment shares buoying the former: Charter Communications +4.82%, Verizon +3.9%, Netflix +3.43% and AT&T +3.34%. Meanwhile, bank and insurance names buoyed the Financial sector: Goldman Sachs +3.78%, M&T Bank +3.46%, Blackstone +3.41%, Hartford +3.07%.
  • Laggers: Energy and Real Estate sectors underperformed, oil and gas servicer shares weighed on the former: EQT Corp -2.24%, Coterra -1.95%, Kinder Morgan -1.8%. Real estate investment trusts, particularly for retail and healthcare lagging: Realty Income Corp -5.8%, Healthpeak Properties -4.08%.

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