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Equities Roundup: Industrials, IT Help Eminis Rise to New Highs

US STOCKS
  • Stocks remain strong at midday, S&P Eminis just off new all-time high of 5321.50 even as Treasuries pared gains after this morning's data showed a pick-up in inflation - tempering the post-FOMC rally. S&P Global US PMI releases saw manufacturing beat (52.5 vs cons 51.8 after 52.2). Currently, S&P E-Minis trades up 30.75 points (0.58%) at 5316.5, Nasdaq up 121.2 points (0.7%) at 16490, DJIA up 299.7 points (0.76%) at 39807.86.
  • Leading Gainers: Industrials and Information Technology sectors outperformed, with construction and engineering shares supporting the former in the first half: Stanley Black & Decker +3.44%, Cummins Inc +3.13%, Pentair +2.93%.
  • Semiconductor stocks continued to rally on the back of AI-related demand, not to mention President Biden granting Intel with near $20B in grants and loans for new chip-making facilities. Upgrades from various dealers and ratings agencies helped Micron surge over 16% to a new all-time high of 113.50. Other gainers included Super Micro +9.42%, Broadcom +8.5%, Western Digital +7.8%.
  • Side note for IT shares: Apple traded -3.5% after headlines reported the US Justice Dept is suing Apple over smartphone monopoly allegations.
  • Laggers: Communication Services and Utility sectors underperformed in the first half, media shares weighed on the former with Paramount -4.6% after rallying over 11% Wednesday on $11B bid from Apollo for Hollywood Studios. Other laggers included Comcast -0.90% while Google slipped 0.7%. Electricity providers weighed on the Utility sector: Constellation Energy -1.36%, Eversource -0.9%, NextEra -0.40%.
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