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Wall Street Resumes Recovery, But Still Shy of Last Week's Highs

EQUITIES
  • All three major US indices traded firmer Monday, recovering off the early Asia-Pac lows in futures. The e-mini S&P added around 40 points off the session low, but last week's highs remain intact for now and act as first resistance at 4421.50.
  • Amid the holiday-thinned trade, materials and energy names traded solidly, with the continued strength in oil prices adding the oil & gas explorer and refiner margins. Utilities were the underperformers of the day, providing a decent drag to the headline index.
  • Market focus turns to the earnings schedule, with financials and banks kicking off the quarterly reporting cycle this week. Reports from the likes of JP Morgan, Goldman Sachs, Bank of America, Citigroup and Morgan Stanley are first up, with focus on whether the steeper US yield curve and the prospect of rising central bank rates are helping prop net interest margins and overall earnings.
  • Full schedule with timings, EPS & revenue estimates here: https://marketnews.com/mni-us-earnings-schedule-banks-kick-off-quarterly-reporting-cycle
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