Late Equity Roundup: Bounce off Late Reversal

Rocky second-half trade for stocks, reversing second half highs to mildly lower/new session lows before bouncing back to near middle of the range. Materials sector continued to outperform while Information Technology shares pared gains/made way for Real Estate shares.

• Timing of the reversal coincided with a sharp sell-off in Bitcoin (-15%) and worrisome headlines for Fedex: HAS CUT FLIGHTS, PARKED PLANES AS DEMAND DROPS, CFO SAYS, Bbg. SPX eminis currently trading +21 (0.55%) at 3836.5; DJIA +344.5 (1.05%) at 33175.32; Nasdaq +39.1 (0.4%) at 10604.25.
• SPX leading/lagging sectors: Materials (+1.97%) -- lead by metals and mining shares as metals continue to climb: Gold (+2.05%, +.3.96%/wk), Silver (+2.42%, +8.94%/wk) and Copper (+1.57%, +5.4%/wk): Newmont (NEM) +6.15%, Freeport McMoran (FCX) +3.00%. Real Estate (+0.93%) and Industrials (+0.86%) followed. Laggers: Consumer Discretionary (-0.37), Energy and Consumer Staples both +0.22%.
• Dow Industrials Leaders/Laggers: Amgen (AMGN) +13.74 at 290.76, United Health (UNH) +5.44 at 550.46, Boeing (BA) +4.04 at 168.95. Laggers: Disney (DIS) -0.98 at 99.45, Walgreens Boots (WBA) -0.55 at 38.04, Chevron (CVX) -0.22 at 185.39.