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Late Equity Roundup: Session Highs After FI Close

US STOCKS

No particular headline driver but equity indexes have ratcheted off session lows over the last couple hour, extending highs after the FI close.

    • 1) Bank shares taking a beating as global sanctions against Russia for war in Ukraine -- may be weighing on large global systemically important banks (GSIBS) as many start writing off Russia. Yield curve collapses into inversion (recession flag despite modest overall bounce this week) playing havoc on holdings.
    • 2) Upcoming earnings season arrives next week with prospect of unwelcome news due to point #1.
  • S&P eminis currently trading +28.75 (0.64%) at 4505.25 as focus turned from earlier support to resistance of 4588.75 High Apr 5. Resumption of gains and an ability to remain above the 50-day EMA would be seen as a bullish development.
  • Meanwhile, Dow Industrials currently trade +132.32 (0.38%) at 34633.97, Nasdaq +54.7 (0.4%) at 13944.43.
  • SPX leading/lagging sectors: Health Care sector (+2.06%) lead by pharmaceutical names, Consumer Staples up second (+1.28%)
  • Laggers: Real-estate sector underperformed late (-0.65) followed by Utilities (-0.40) and Communication (-0.37).
  • Dow Industrials Leaders/Laggers: United Health (UNF) continued to outperform, +5.63 to 537.38, while Home Depot finally sees some buying after weeks of selling of mid-March highs of 340.49. Banks underperform but off lows: C (-1.92 at 217.08), GS (-1.65 at 314.61), AXP (-0.52 at 183.19).
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