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S&P 500 Index opens modestly higher, financial stocks post strong gains


4/26/2021 1:56:48 PM GMT
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By Eren Sengezer
Wall Street s main indexes opened in the positive territory.
Financial stocks push higher supported by rising US T-bond yields.
Major equity indexes in the US opened slightly higher on Monday as investors gear up for key earnings figures, FOMC policy meeting and high-tier macroeconomic data releases later in the week. 
As of writing, the Dow Jones Industrial Average was up 0.15% on the day at 34,093, the S&P 500 Index was rising 0.12% at 4,185 and the Nasdaq Composite was virtually unchanged at 13,927.
Among the 11 major S&P 500 sectors, the Financials Index is rising 1% on a daily basis supported by a modest increase seen in the 10-year US T-bond yield. On the other hand, the Consumer Staples Index is the worst performer after the opening bell, losing 0.7%. ....

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Booze And Chocolate May Be Set For A Comeback


by Tyler Durden
By Michael Msika and Albertina Torsoli, Bloomberg commentators and reporters,
Since equity markets hit their pandemic lows in March 2020, all talk has been of recovery. And with bond yields on the rise, cyclical stocks have left defensives toiling in their wake, a theme that continues to play out. The latter’s underperformance has been particularly marked among consumer staples, and for investors seeking quality names, that may present opportunity.
According to Bernstein analyst Bruno Monteyne,
the rotation away from staples provides “good entry points” to names such as cosmetics leader L’Oreal and chocolatier Lindt & Spruengli. It’s also a “great moment” to buy into the Swiss food giant Nestle, he says. ....

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