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Late June Futures Roll Update


Oil Finishing A Volatile Week Nudging Higher

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  • Wall Street moved in harmony with global equities Tuesday, putting the S&P500 higher by over 2% and well within striking distance of the alltime highs posted mid-November at 4744. The tech sector led gains, with semiconductors a particular bastion of strength as markets continue to price out the likelihood of broad activity restrictions in the face of the new COVID variant.
  • Notable individual performers included AutoZone, NVIDIA and Etsy, all of which rallied 6% or more. All sectors traded higher, but defensive names including consumer staples and utilities lagged slightly.
  • In futures space, the e-mini S&P added close to 100 points, nearing first resistance of 4740.50 - the Nov 22 high and bull trigger.
  • Europe outperformed their US counterparts, with the EuroStoxx50 higher by over 3% into the close to enjoy the best session of the year so far. The move prompted the index to close the gap opened at end-November and erase the entirety of the omicron variant-inspired sell-off.
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