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Equities Roundup: Chip Stocks Outperforming on Dealer Upgrades

US STOCKS
  • S&P Eminis are trading marginally weaker into midday, off early session lows with Information Technology sector shares outperforming. Currently, DJIA is down 221.07 points (-0.59%) at 37370.66, S&P E-Mini futured down 19.75 points (-0.41%) at 4796.25, Nasdaq down 54.4 points (-0.4%) at 14916.98.
  • Leading gainers: IT and Real Estate sector shares outperformed in the first half, semiconductor share supporting the former: Advanced Micro Devices +8.8% following multiple upgrades tied to AI benefits/demand. Similarly, Nvidia gained +3.71%, Micron +3.3%. Meanwhile, real estate investment trusts (REIT), particularly office and health care traded firm: Ventas +1.55%, Alexandria Real Estate +0.53%.
  • Laggers: Energy and Materials sectors underperformed in the first half, broad based weakness in oil, gas and servicing shares weighing on the former: EOG Resources -2.83%, EQT Corp -2.62%, ConocoPhillips -2.31%. Meanwhile, metals and mining shares weighed on Materials: Freeport-McMoRan -3.98%, Newmont -2.74%.
  • Technicals: S&P E-Minis continue to trade above the Jan 5 low. Key resistance and the bull trigger is unchanged at 4841.50, the Dec 28 high. A break of this level would resume the uptrend and open 4854.75, a Fibonacci projection. Support at the 20-day EMA of 4770.92 has recently been pierced. A clear break of this average would strengthen a short-term bearish threat and open the 50-day EMA, at 4679.50.
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