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Late Equity Roundup: Financials, Materials Outperform

US STOCKS
  • Still firm, socks have pared back from early morning highs to near midrange on the day - adding to Tuesday's post-CPI tied rally following this morning's stronger than expected Retail Sales and softer PPI data.
  • Back to mid-September levels, S&P E-Mini futures are up 11.5 points (0.25%) at 4520.25, Nasdaq up 21.8 points (0.2%) at 14133.73, DJIA up 193.28 points (0.56%) at 34885.84. Eminis climbed to an intraday high of 4541.25, next resistance focus is on 4552.38 (76.4% retracement of the Jul 27 - Oct 27 bear leg).
  • Leading gainers: Financials and Materials sectors outperformed in late trade, bank stocks led the former: Truist Financial +2.87%, Citizens Financial +2.75%, USB +2.41%. Metals and mining shares continued to support Materials: Freeport-McMoRan +2.25%, Newmont +0.97%, Nucor +0.72%.
  • Laggers: Utilities and Energy sectors underperformed, gas and electricity providers weighed on the former: Constellation -3.66%, AEP and ATO both -1.0%, . Meanwhile, equipment and servicer shares weighed on the Energy sector: Haliburton -1.4%, Schlumberger -1.21%, Baker Hughes -0.26%
  • Corporate earnings expected after the close: Palo Alto Networks and Cisco Systems.

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