US STOCKS: Equities Roundup: SPX Extending Highs, SPX Best Since Apr'22
Jun-15 17:23
- Stocks continue to inch higher in early afternoon trade, SPX climbing to the best levels since mid-April 2022 as markets discount Wednesday's "hawkish hold" policy announcement from the FOMC following this morning's higher than expected weekly claims data.
- Currently, S&P E-Mini future are up 30.25 points (0.68%) at 4448.5; Nasdaq up 64.8 points (0.5%) at 13690.54; DJIA up 332.64 points (0.98%) at 34312.84.
- Leading gainers: Health Care, Industrials and Energy sectors currently outperforming as they recover from midweek selling. Citing technical support for the former, Elevance Health climbed 4.25%, CVS +3.85%, Cigna +3.55. Energy stocks supported by a bounce in crude (WTI +2.02at 70.29), Marathon +2.65$, APA +2.6%, Devon +1.75%.
- Laggers: Real Estate, Consumer Discretionary and Communication Services sectors underperformed. Management and development securities weighed on the former, Host Hotels -3.35%, Welltower -2.10%, Ventas -1.35%.
- Today's rally in S&P futures confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows, marking an extension of the bull cycle that started in October 2022. The focus is on a climb towards 4452.42, a Fibonacci projection. Firm support is at 4304.28, the 20-day EMA. Initial support is at 4348.75, the Jun 5 high.
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US: CNN: Treasury Sec Yellen To Huddle With Bank Execs On Thursday
May-16 17:03
CNN has reported that Treasury Secretary Janet Yellen will meet with bank CEOs, including JPMorgan Chase's Jamie Dimon and Citigroup's Jane Fraser, on Thursday. The meeting has been previously reported but unconfirmed.
- CNN reports that the meeting will focus on "the debt ceiling as well as the banking crisis."
- Dimon told reporters last week that his bank is operating a "war room" to manage risk from a default which could meet "up to three times a day" from around May 21.
- He said: "We've got to be very careful about getting close" to a default, which he warned could cause a financial panic.
- Dimon continued: "It's very unfortunate, it's time-consuming, hopefully it won't happen, but it affects contracts, collateral, clearing houses, clients."
- Politico reported last week: "The Biden administration is often careful to keep Wall Street at a distance because large banks are unpopular with many Democrats. But industry executives say that with the so-called X-date approaching [...] they are eager to speak directly with the administration on possible paths forward to avoid a potential economic calamity."
