July 08, 2024 14:47 GMT
Equities Roundup: Chip Stocks, Chemical Makers Outperform
US STOCKS
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- Stocks are trading modestly higher in early Monday trade, the DJIA outperforming while S&P Eminis and Nasdaq indexes inch to new all-time highs (5,637.50 and 18,389.46 respectively). Currently, the DJIA is up 151.95 points (0.39%) at 39527.7, S&P E-Minis up 4 points (0.07%) at 5625.5, Nasdaq up 1.7 points (0%) at 18354.4.
- Information Technology and Materials sectors led gainers in the first half, semiconductor makers buoyed the former: Intel +4.50%, Enphase +3.10%, Nvidia +2.65%. Shares of chemical makers a close second: Albemarle +2.34%, Ecolab +2.10%, Celanese +1.35%.
- On the flipside, Communication Services and Energy sectors underperformed, interactive media and entertainment shares weighed on the former: Paramount reversed early gains after announcing details of a $8B merger with Skydance Media to -5.30% by midmorning (no debt required for merger, while $400M fee will be incurred if deal does not go through), Charter communications -2.33%, Meta -1.69%.
- Meanwhile, oil and gas shares traded weaker as crude inched lower (WTI -0.40). Devon Energy -2.98%, Valero -1.25%, Diamondback Energy -0.95%.
- Reminder, the latest equity earnings cycle kicks off in earnest Friday, banks headline: Wells Fargo, Bank of NY Mellon, JP Morgan and Citigroup.
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