US stocks were dragged higher by the Tech Sector overnight following Netflix’s result which led to a +7.4% relief rally by the beleaguered streaming company. It was a choppy session for the index as we saw ongoing switching from defensive names in the likes of utilities and healthcare into recovery stocks primarily in tech and consumer discretionary. In aftermarket trading Tesla (TSLA US) followed the positive lead from Netflix (NFLX US) which could see the “risk on “ recent bounce maintain its momentum into the weekend.
- Earnings season is proving supportive of stocks while bond traders have backed off from the their extreme hawkish bets that the Fed would hike by 1% – a relatively healthy backdrop for risk assets.
MM is mildly bullish US equities over the coming weeks
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