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Equities Roundup: Communication Services, IT Continue to Lead

US STOCKS
  • Despite cautious policy comments, risk assets continue to react positively to disinflationary data, stocks marking session highs after midday. SPX Eminis climbing to the highest levels since mid-April 2022. At the moment, S&P E-Mini Future up 32 points (0.71%) at 4539.25, DJIA up 64.93 points (0.19%) at 34412.81, Nasdaq up 202.7 points (1.5%) at 14121.54.
  • Leading gainers: Communication Services, Information Technology and Consumer Discretionary sectors are outperforming. Media and entertainment shares continue to support Communication Services sector higher for the third day running: Google +4.4%, Meta and Match both +1.9%, Live Nation +1.7%. Continued demand by AI applications remains supportive of semiconductor shares: Applied Materials +2.8%, Nvidia +2.65% and Qualcomm +2.5%. Autos led Consumer Discretionary with Tesla +1.25%.
  • Laggers: Energy, Health Care and Utilities sectors lagged the rally, oil an gas shares weaker with Exxon -2.65%, Chevron -1.7%, Hess Energy -1.15%.
  • The technical/bull theme in S&P E-minis bull theme remains intact with futures breaking resistance at 4498.00, the Jun 30 high. This confirms a resumption of the uptrend and maintains a bullish price sequence of higher highs and higher lows. The contract has also traded through 4500.00 and this opens 4532.08, a Fibonacci projection. First support lies at 4428.89, the 20-day EMA. Clearance of this level would highlight a S/T bearish development.

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