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Equities Roundup: Chip Stocks Leading SPX Rebound

US STOCKS
  • Stocks trading firmer, near recent session highs after bouncing off midmorning lows. Tsy futures rebounded off lows around to same time as well (early yield rise partially tied to Hong Kong real estate developer/services company Country Garden's sell-off post MS downgrade overnight).
  • Modest rally in stocks led by a rebound in semiconductor stocks after better selling noted in the latter half of last week. Currently, DJIA shares are down -19.11 points (-0.05%) at 35262.17, S&P E-Mini future up 13.25 points (0.3%) at 4493.75, Nasdaq up 80.3 points (0.6%) at 13724.13.
  • Leading gainers: Information Technology outperformed early Monday, as chip makers drew support: Micron +5.05%, Nvidia _4.5%, Teledyne +4.2%. Communication Services also bounced after better selling late last week. Media and entertainment shares buoyed the former: with Netflix +1.3%, Google and News Corp +1.0%.
  • Laggers: Utilities, Energy and Real Estate sectors lagged Monday. Independent power and renewable energy shares trading weaker: AES -3%, Dominion Energy -2.15% while Edison Int slipped 1.8%. Energy sector saw broad based weakness in equipment, services, Oil & Gas refiners: Valero -2.32%, Philips 66 -1.8%, Marathon -1.6%.
  • Meanwhile, quarterly earnings are winding down, this week's highlights include: Home Depot, Agilent Technologies, Target Corp, TJX Cos, Synopsys, Cisco Systems, Walmart, Applied Materials, Estee Lauder, Deere and Palo Alto Networks Inc.

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