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Chip Stocks Lead S&P Eminis to New Highs

US STOCKS
  • Stocks remain strong in late afternoon trade, carry-over rally in semiconductor stocks helping S&P Eminis extend new contract highs: S&P E-Minis currently up 40 points (0.78%) at 5144.25, Nasdaq up 180 points (1.1%) at 16272.41, DJIA up 76.22 points (0.2%) at 39071.61.
  • Leading Gainers: Information Technology and Energy sectors outperformed Friday, AI demand driving continued broad-based support for chip makers: Broadcom +8.13%, Micron Tech +5.61%, KLA Corp +5%, Advanced Micro Devices +4.93%.
  • Energy sector shares were supported by oil and gas shares as crude prices rallied (WTI +1.62 at 79.88): APA +2.72%, Marathon +2.38%, ConocoPhillips +1.88%.
  • Laggers: Utilities and Financial sectors underperformed in the first half, multi-energy and electricity shares weighed the former: Dominion Energy -6.19%, Xcel Energy -6.04%, Edison Int -1.93%.
  • Insurance names continued to weigh on the Financials sector (more so than banks after NY Comm Bancorp after the bank reported "material weakness" in internal loan review and controls late Thursday): Allstate -2.45%, Hartford -1.40%, Prudential Financial -1.25%.

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