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Staples Over Cyclicals as S&P Hits Another High

EQUITIES
  • A solid showing from the consumer staples sector drove the S&P 500 to a new alltime high Friday, keeping the current bull run intact to extend gains to over 100% from the COVID-inspired bottom.
  • A rally across food and beverage names including Tyson, Kellogg and Kraft Heinz as M&A speculation circulated after the proposal to buy Pilgrim's Pride from Brazil's JBS - a deal worth around $7bln.
  • Recent gains have confirmed a resumption of the uptrend and signals scope for further strength. The focus is on 4481.75 next, a Fibonacci projection. Key support is 4224.00, Jul 19 low.
  • Gains across continental markets were similarly uniform, with gains of 0.2-0.4% across core indices. The UK's FTSE-100 outperformed, touching new 18-month highs in the process.
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