• The S&P e-mini holds most of its gains, currently +0.5% and within 4 pts of its latest high of 4592.50.
  • SPX gains are led by energy (+2.1%) after another strong day for WTI futures on tighter supply and potential stimulus in China following the Politburo meeting. Financials follow (+1.1%) driven by a strong day for banks (+2.2%) with the separate KBW indicating regionals are outperforming at +2.5% for fresh highs since Mar 10.
  • Earnings: This week is the busiest of the quarter, with 35% of the S&P 500's market cap set to report. Tomorrow’s highlights include Microsoft, Alphabet and Visa. See our earnings calendar here: https://roar-assets-auto.rbl.ms/files/54818/MNIUSEARNINGS240723.pdf.
  • Th S&P 500 e-mini contract is trading below last week's high of 4,609.25. A clear channel breakout of a bull channel interesting at 4616.73 is required to strengthen bullish conditions and open the March 29 '22 high at 4,631.00. A corrective pullback would initially target the 20-day EMA at 4,498.10 for support.

US STOCKS: Energy And Bank Stocks Lead Gains, Solid Earnings Docket Tomorrow

Last updated at:Jul-24 18:23By: Chris Harrison
  • The S&P e-mini holds most of its gains, currently +0.5% and within 4 pts of its latest high of 4592.50.
  • SPX gains are led by energy (+2.1%) after another strong day for WTI futures on tighter supply and potential stimulus in China following the Politburo meeting. Financials follow (+1.1%) driven by a strong day for banks (+2.2%) with the separate KBW indicating regionals are outperforming at +2.5% for fresh highs since Mar 10.
  • Earnings: This week is the busiest of the quarter, with 35% of the S&P 500's market cap set to report. Tomorrow’s highlights include Microsoft, Alphabet and Visa. See our earnings calendar here: https://roar-assets-auto.rbl.ms/files/54818/MNIUSEARNINGS240723.pdf.
  • Th S&P 500 e-mini contract is trading below last week's high of 4,609.25. A clear channel breakout of a bull channel interesting at 4616.73 is required to strengthen bullish conditions and open the March 29 '22 high at 4,631.00. A corrective pullback would initially target the 20-day EMA at 4,498.10 for support.

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