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Equities Roundup: Chip Stocks Lead Eminis to New Highs Again

US STOCKS
  • US stocks mirrored European bourses as they climbed to record highs Thursday morning, are drifting near the top end of the range ahead midday. Currently, DJIA is up 112.06 points (0.29%) at 38775.13, S&P E-Minis up 39.75 points (0.78%) at 5151.75 vs. 5160.25 High, Nasdaq up 194.9 points (1.2%) at 16226.82.
  • Leading Gainers: Information Technology and Communication Services sectors outperformed in early trade. Continued demand for high end chips for AI applications supported IT: ON Semiconductor +6.18%, Microchip Technology +5.43%, while Intel, Micron, Nvidia and Qualcomm all gained 3.35-3.50%. Communication Services sector rebounded from midweek selling, led by media and entertainment shares: Paramount +2.33%, Meta +2.25%, Warner Brothers +2.20%.
  • Laggers: Financials and Real Estate sectors underperformed in the first half, insurance names weighing on the former: Arch Capital -1.45%, Everest Group -0.73%, Allstate -0.65%. On the flipside, banks outperformed: M&T +1.55%, Citizens Financial +1.52%, Comerica +1.39%. After halting twice Wednesday, NY Community Bancorp trades +6.10% today after securing over $1B from a consortium of investors that included "LIBERTY STRATEGIC, HUSDON BAY and REVERENCE", Bbg. Meanwhile, estate management and retail REITS shares weighed in the Real Estate sector: CoStar Group -1.22%, Simon Property Group -1.76%.
  • The trend condition in S&P E-Minis remains bullish and the latest move lower appears to be a correction. Price action continues to highlight the fact that corrections are shallow - this is a bullish signal that highlights positive market sentiment. Support to watch is 5055.56, the 20-day EMA. A clear break of this average would signal potential for a deeper retracement towards 4942.66, the 50-day EMA. Sights are on 5170.86, a Fibonacci projection.
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