US Energy and Financial Sectors Lead Equities Rebound for Weekly Gains

US equities are on track for weekly gains, supported by strong corporate earnings, despite the Fed's favorite inflation gauge coming in slightly above expectations. The S&P 500 gained 0.6%, the Dow Industrial Average was up 0.7%, and small caps in the Russell 2000 soared 1.1%. The Energy Select Sector SPDR Fund XLK was the outperformer, up by 2%, followed by the Financial Select Sector SPDR Fund XLF, the Industrials Select Sector SPDR Fund XLI, and the Real Estate Select Sector SPDR Fund XLRE each with 1.2% gain. Amazon, Inc. moved down over 3%, despite reporting better-than-expected results last quarter, while Intel Corp. rose over 4% in reaction to its forecast-beating results.