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Late Equity Roundup: Strong Gains, Discounting Hawkish Fed Guidance

US STOCKS
  • Stocks trading near late session highs, SPX at the best levels since mid-April 2022 as markets discount Wednesday's "hawkish hold" policy announcement from the FOMC following this morning's higher than expected weekly claims data.
  • Currently, S&P E-Mini future are up 58.25 points (1.32%) at 4477.5; Nasdaq up 174.5 points (1.3%) at 13804.18; DJIA up 433.01 points (1.27%) at 34416.05
  • Shift in leading gainers: Communication Services and Information Technology sectors rallied in the second half, T-Mobile +3.75%, Meta +3.70%, Live Nation Ent +3.65%. IT supported by software makers as opposed to chip makers for once as the former also looks to benefit from AI focus, ADSK +3.8%, ORCL +3.6%, MSFT +3.45%.
  • Laggers: Real Estate and Consumer Discretionary sectors continued to underperform. Management and development securities weighed on the former, Host Hotels -3.35%, Welltower -2.10%, Ventas -1.35%.
  • Today's rally in S&P futures confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows, marking an extension of the bull cycle that started in October 2022. The focus is on a climb towards 4452.42, a Fibonacci projection. Firm support is at 4304.28, the 20-day EMA. Initial support is at 4348.75, the Jun 5 high.
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