US STOCKS: Midday Equities Roundup: SPX & Nasdaq Extend Record Highs Again
Jul-25 15:51
- Stocks hold modestly higher late Friday morning after the S&P eminis and Nasdaq indexes both climbed to new record highs in the first half: 6421.25 & 21115.31 respectively. The Dow firmer, but still off December 4 '24 record high of 45073.63.
- Currently, the DJIA trades up 55.77 points (0.12%) at 44748.41, S&P E-Minis up 11.5 points (0.18%) at 6413, Nasdaq up 54.7 points (0.3%) at 21112.1.
- A mix of Consumer Discretionary, Industrials and Insurance sector shares led gainers in the first half: Deckers Outdoor +12.28%, Newmont +6.81%, Centene +5.64%, Edwards Lifesciences +5.51%, Molina Healthcare +5.04% and Elevance Health +3.95%. Insurance providers followed closely: Globe Life +4.51%, Aon +5.30%, Humana +4.01%.
- Meanwhile, Communication Services and pharmaceutical shares led declines in the first half: Charter Communications -17.13%, Comcast -4.98%, Intel Corp -9.21%. Healthpeak Properties -6.49%, West Pharmaceutical Services -4.51% and Bristol-Myers Squibb -2.98%.
- Earnings resume Monday with the following reporting: Revvity Inc, Cantor Equity Partners, Woodward Inc, Whirlpool Corp, Waste Management, Brown & Brown, Cadence Design Systems, Beyond Inc, Universal Health Services, Nucor Corp, Welltower Inc and The Western Union Co.
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US TSY OPTIONS: Aug'25 10Y Vol for Sale
Jun-25 15:46
- -5,000 TYQ5 111.5 straddles 131-130 ref 111-16
- -8,000 TYQ5 110.25/112.75 strangles, 36 ref 111-16
OPTIONS: Larger FX Option Pipeline
Jun-25 15:45
- EUR/USD: Jun27 $1.1400(E1.2bln), $1.1415-25(E1.1bln), $1.1600(E1.1bln); Jun30 $1.1650(E2.0bln), $1.1700(E1.1bln); Jul01 $1.1700(E1.4bln)
- USD/JPY: Jun30 Y143.65-85($1.4bln), Y145.35-50($1.3bln), Y148.40($1.3bln)
- USD/CAD: Jun27 C$1.3630-45($1.2bln)
US: Senate Finance Proposes $15B Rural Hospital Fund For OBBB
Jun-25 15:37
The Senate Finance Committee has circulated a memo proposing a USD$15 billion "stabilization fund" for rural hospitals. The proposal, to be included in the GOP's One Big Beautiful Bill, is designed to assuage concerns amongst some Republican Senators that cuts to Medicaid will gut rural hospitals. The initial proposal falls well short of the USD$100 billion called for by some Senators.
- Memo: "This section would make $3 billion, in each of fiscal years (FY) 2027 through FY 2031, for a total of $15 billion in funding, available to the 50 states. Under the program, a state would be required to submit an application to the CMS Administrator in order to receive federal funding..."
- Senator Josh Hawley (R-MO) said this week: “I am confident [OBBB] will not be put on the floor as it is currently. Something will change... It’s all a work in progress.” He warned: “This rural hospital stuff, this could threaten the progress of the whole bill. Let’s resolve this and move this thing along. Otherwise, we’re going to be sitting here looking at each other in August."
- Burgess Everett at Semafor notes on X: "I do not think people fully appreciate that the final negotiations on the reconciliation bill (Medicaid, SALT, etc.) could go up until right before the bill passes and be the last amendment of the votearama."
- Punchbowl reports that SALT Republicans are currently meeting with Treasury Secretary Scott Bessent to address concerns that the Senate will water down the House-passed SALT cap.
