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S&P E-mini Hits New Session High As Treasuries Gain Post Auction

US STOCKS
  • ESA touches a new session high of 4368.50 that stops just short of notable resistance at 4369.50 (Jun 9 high), after which sits 4400 and then 4427.19 (1.618 projection of the May 4-19-24 price swing).
  • There hasn’t been any clear headlines for the latest push higher although it moves in tandem with Treasuries seeing some gains with the second note auction of the day out of the way (even if real yields remain tighter on the day).
  • Within the SPX, 0.5% gains are led by IT (+1.4%) and consumer discretionary (+1.4%), the former in turn led by semi-conductors although with NVIDIA lagging after last month’s surges.
  • Losses meanwhile are concentrated in energy (-1.3% - unsurprising with WTI’s further slide back below $70) and less so real estate (-0.6%). That said, financials only trading -0.4% mask larger pressures on banks of -0.9%, in turn smaller losses than the KBW index at -1.4% and its regional version at -1.1%.
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