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Late Equity Roundup, SPX Mildly Weaker as Tsy Yields Surge Higher

Still weaker, stocks managed to bounce after extending session lows after Fed Chair Powell made hawkish comments from early afternoon NABE conf: willingness to make "more than 25bp" hikes at each meeting in order to keep inflation in check if needed.
  • Even higher crude levels (WTI +7.92 at 112.62) did little to dampen share prices while Tsy yields continued to climb to levels not seen since Aug 2019: 30YY hit 2.5531% late, equity index markets rebounded to mildly weaker levels in comparison:
    • SPX emini traded -14.5 (-0.33%) at 4439.5, while Dow trades -294.52 (-0.85%) at 34463.4, and Nasdaq -107.3 points (-0.8%) at 13788.81.
  • SPX leading/lagging sectors: Bounce in crude a tailwind for Energy sector (+4.03%) with multiple petroleum drillers, manufacturers, pipelines trading higher. Materials and Utilities sectors distant second (both appr +.64%), mining, drilling and energy transmission outperforming.
  • Laggers: Communication Services (-1.27%) with media and entertainment lagging amid reports of Apple, Amazon and Google experiencing outages; Consumer discretionary (-1.07%) - outperforming autos tempered by weaker retailing, consumer services and durables.
  • Dow Industrials Leaders/Laggers: Caterpillar (CAT) +2.83 at 223.74 and Chevron (CVX) +3.62 at 165.35. Laggers: Home Depot (HD) -12.0 at 328.74; Boeing (BA) -6.61, 186.22 under pressure after 737 crash in Guangxi province, China.

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