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Late Equity Roundup: Cycle Highs Extended

US STOCKS
  • Stocks drifting near the late session highs, S&P E-minis Sep'23 futures contract rallying to a new cycle high last seen April 2022. Currently, S&P E-Mini Future are up 37.25 points (0.82%) at 4591.75, DJIA up 372.31 points (1.08%) at 34957.19, Nasdaq up 142.8 points (1%) at 14388.02.
  • The break above resistance at 4498.00 (Jun 30 high) confirms a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. The contract now eyes 4631.00, the high from March 29th 2022, as the next medium-term upside level.
  • Leading gainers: Information Technology, Energy and Financial shares continue to outperform. Software and services shares underpin IT, outpacing chip stocks which drew some profit taking (Nvidia, however, continues to gain, +2.85% on the day to 477.15 -- up a whopping 230% TYD). At the moment, Microsoft leads software stocks, up +5.6% after MSFT announced pricing of corporate AI software tools.
  • A rebound in crude prices (WTI +1.5 at 75.65) underpinned refiner/distributor stocks: APA +4.45%, Marathon +3.6%, Devon Energy +3.25%.
  • Banks buoy Financials, outpacing insurance and financial services shares: Bank of America (+4.25%) after beating Q2 earnings ests (0.88 eps vs. 0.84 est). Others also beat ests: Bank of NY Mellon (+4.27%), CSFB (+12.98%) and MS (+6.53%).
  • Laggers: Utilities and Real Estate sectors underperform for the second consecutive session.
  • Look ahead: Wednesday earnings include Citizens Financial, M&T Bank, Northern Trust, US Bancorp, Goldman Sachs, Discover Financial, Fifth Third Bancorp, KeyCorp, Truist Financial, Capital One, Comerica, Huntington Bancshares and American Express.
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