April 23, 2024 15:48 GMT
Equities Roundup: Chip Stocks Lead Rally for Second Day Running
US STOCKS
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- Stocks trading firmer, near session highs ahead midday as lower than expected flash PMI data fueled risk appetites as rates rallied and projected rate cut pricing climbed off recent lows. Currently, DJIA is up 183.79 points (0.48%) at 38426.7, S&P E-Minis up 49.25 points (0.98%) at 5096.5, Nasdaq up 221.4 points (1.4%) at 15672.39.
- Information Technology and Communication Services sectors led gainers in the first half, chip stocks gaining for the second consecutive session: Enphase +3.41%, Nvidia +3.18%, Microchip Technology +2.89%. Telecommunications shares buoyed comm services: Verizon rebounded +3.42% after selling off Monday despite announcing better than expected 1Q profits. ATT gained 0.77% in comparison.
- Laggers: Materials and Energy sector shares underperformed in the first half, metals and mining stocks weighed on the former as Gold prices remained weaker after falling over $60.0 Monday: Nucor -6.65%, Freeport McMoRan -2.29%. Meanwhile, oil and gas shares weighed on the Energy sector: APA -0.95%, Marathon Petroleum -0.28%, Chevron -0.15%.
- Corporate earnings expected after the close: Tesla, Enphase, Seagate, Texas Instrument, Baker Hughes, Steel Dynamics, Visa.
- Link to MNI's earning'scalendar.
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