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Equities Roundup: IT, Communication Services Shares Outperform

US STOCKS
  • Stocks are extending session highs at the moment, Information Technology and Communication Services sector shares outperforming in late morning trade. Currently, S&P E-Mini future are up 27.75 points (0.64%) at 4390.75, Nasdaq up 142.2 points (1.1%) at 13663.98, DJIA up 143.36 points (0.42%) at 34037.24.
  • Initial support for Eminis is still well below: 4257.75/4122.25 (Low Nov 3 / Low Oct 27 and the bear trigger). Initial technical resistance of 4432.12 (High Oct 12) followed by 4435.50 (trendline resistance drawn from the Jul 27 high).
  • Leaders: Semiconductor shares buoyed the IT sector for the second day running: Advanced Micro Devices +3.16%, KLA Corp +2.97%, ON Semiconductor +2.74%. Meanwhile, media and entertainment shares supported the Communications Services sector: Comcast +1.32%, Netflix +1.19%, Meta +0.87%.
  • Laggers: Pharmaceutical and biotech shares continued to weigh on the Health Care sector: Illumina tumbling -13.3% on weak forward guidance citing global macro pressures. Distant second and third: Moderna slipped 2.3% while Mettler-Toledo Int -2.1%. Meanwhile, food and tobacco stocks weighed on the Consumer Staples sector: Brown-Forman -2.8%, Monster Beverage -1.0%, Philip-Morris -0.9%.
  • While the latest corporate earnings cycle is winding down, there are still some big names on the calendar next week: Tyson Foods on Monday, Aramark and NCR on Tuesday, Advanced Auto Parts, TJX and Cisco next Wednesday.
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