Free Trial

Equities Roundup: Chip/Hardware Makers, Mining Shares Outperform

US STOCKS
  • Stocks holding strong gains after this mornings soft April jobs data reignited hopes of more than one rate cut this year. With "more jobs reports like this" quipped Chicago Fed President Goolsbee on a Bbg interview, the "more confident" the Fed is that the economy is "not over heating".
  • Currently, DJIA is up 418.36 points (1.09%) at 38646.39, S&P E-Minis up 56 points (1.1%) at 5147.25, Nasdaq up 291.6 points (1.8%) at 16132.92.
  • Leading gainers: Information Technology and Materials sectors outperformed in the first half, chip stocks and hardware makers supporting the former: Apple +6.56% after an upbeat forecast and $110B share buyback annc, Enphase +5.66%, Applied Materials +3.55%. Mining stocks buoyed the Materials sector: Freeport-McMoRan +2.67%, Steel Dynamics +2.74%, Nucor +1.64%.
  • Laggers: Energy and Consumer Staples sectors underperformed in the first half, oil and gas shares weighed on the former: Targa Resources -1.26%, Chevron -1.19%, EOG Resources -1.11%. Personal products shares weighed on Staples: Estee Lauder -1.71%, Colgate-Palmolive -0.64%, Kimberly-Clark -0.34%.
  • While the latest earning cycle is winding down, there are a few larger names to announce: Berkshire Hathaway on Saturday. On Monday: Spirit Airlines, Tyson Foods, Jeld-Wen, Realty Income, Williams Cos, Primerica, Simon Property Goodyear Tire, Vertex, Microchip Technology.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.