S&P 500 futures rise after earnings lift the index to a second winning day: Live updates – CNBC

Don’t look now, but the S&P 500 Financial has outperformed the overall market as measured by the S&P 500 by 9.3% to 6.3% so far in 2024. It also outpaces his 6.1% rise this year in the S&P 500 tech index.

“Banks continue to perform well globally,” Strategas Securities’ technical and macro research team, led by Chris Verrone, told clients Tuesday morning. “A more impressive response to the market’s initial oversold conditions has come from the financial sector, which is once again making new relative performance highs,” Strategas said. “Approximately 25 Russell 1000 financial members [Monday’s] It’s a relatively strong list for the first time in three months, with capital markets, banking and consumer finance names leading the push. ”

The top 25 financial stocks range from Bank of America, with a market capitalization of about $300 billion, to SLM Corporation, with a market capitalization of about $5 billion.

The relative strength of financial stocks is not limited to the United States. “Globally, European and Japanese banks also maintain their leadership position as the overall market consolidates and adjusts,” Strategas said. For example, British bank Barclays’ ADRs rose 22.5% in 2024, outpacing the 16.6% rise in S&P 500 Communication Services stocks.

S&P 500 futures rose just after 6 p.m. ET.

Futures tracking the benchmark index rose 0.2%, while Nasdaq 100 futures rose 0.4%.

Dow futures added just 7 points and were trading just above the flatline.

— Alex Harring