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Later Equity Roundup: Finishing Strong

US STOCKS
  • Stocks continue to grind higher Monday, SPX eminis breaching last Friday's high print (4559.25) - new best level since early April 2022. Currently, S&P E-Mini Future are up S&P E-Mini Future up 27.75 points (0.61%) at 4564.5 Nasdaq up 156.2 points (1.1%) at 14270.04, DJIA up 148.31 points (0.43%) at 34656.01.
  • Leading gainers: Information Technology, Financials and Industrials sectors are outperforming. As has been the case for weeks, IT sector support driven by AI applications demand for semiconductors: First Solar +8.25%, Enphase +7.13%, SolarEdge +4.75, Monolithic Power +4.4%.
  • Insurance providers continued to narrowly outpace banks, Arch Capital Group +4.75%, Progressive +4.4% and AIG +2.86%. Banks are trading firmer following start of latest earning cycle last Friday, Wells Fargo +3.55%, JP Morgan +2.47, Zion Bancorp +2.35.
  • Laggers: Utilities, Real Estate and Communication Services sectors underperforming. Telecom shares weighed on the latter with ATT -6.75%, Verizon -7.65. ATT shares fall below $14.0, nearly 30-year low after Citi analysts downgraded the company, Keybank analysts downgraded Verizon.
  • Look ahead: Banks resume earnings announcement tomorrow: Bank of New York Mellon, Bank of America, Charles Schwab, Morgan Stanley.
  • Wednesday includes 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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