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Paring Early Gains, Health Care Sector Outperforms

US STOCKS
  • Stocks are trading mildly mixed into the FI close, Dow components outperforming at the moment while SPX eminis trades mildly weaker after climbing to the highest levels since mid-April 2022 Friday morning. S&P E-Mini Future are down 2.25 points (-0.05%) at 4540.75, DJIA up 135.45 points (0.39%) at 34529.73, Nasdaq down 19.8 points (-0.1%) at 14115.99.
  • BlackRock, JP Morgan, Wells Fargo, State Street and Citigroup all beat estimates this morning. Financial sector shares lagged gains in Health Care after UnitedHealth Grp also beat estimates this morning (2Q adj $6.14 vs. $5.95 est), UNH shares up 7.2% in late trade. Other health services share gains included Elevance Health +5.3%, Cigna +4.80% and Humana +2.7%.
  • Laggers: Energy and Materials sectors underperformed, partly due to decline in crude (WTI -1.48 at 75.41) and Gold on the day (-2.19 at 1958.32). APA -4.7%, Marathon and Devon Energy -4.15%; Miners: Nucor -1.8, Freeport McMoRan -2.1%.
  • Look ahead: Banks announcing next week: Bank of New York Mellon, Bank of America, Charles Schwab, Morgan Stanley, 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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