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Equities Roundup: IT, Consumer Discretionary Outperforming

US STOCKS
  • Stocks are extending session highs at the moment, risk sentiment improving as projected rate moves into 2024 continue to point to a rate cut (for the time being). Currently, S&P E-Mini future are up 10.5 points (0.24%) at 4395, Nasdaq up 117.1 points (0.9%) at 13635.66, DJIA up 65.12 points (0.19%) at 34161.88.
  • Eminis through initial technical resistance of 4391.75 (Nov 3 high) focus is on 4430.50 (High Oct 12). Initial support well below: 4157.75/4122.25 Low Nov 3 / Low Oct 27 and the bear trigger.
  • Leaders: Information Technology and Consumer Discretionary are outperforming, software and services names buoying the IT sector: Gen Digital +7.16% after 2Q results beat estimates, Adobe +3.67%, Intuit +3.03%. Broadline retail shares lifted the Consumer Discretionary sector: Etsy +2.65%, Amazon +2.28%, Ebay +0.88%.
  • Laggers: Energy and Materials sectors underperformed: equipment and services shares weighed on the Energy sector: Schlumberger -3.82%, Halliburton -3.13%, Baker Hughes -2.43%. Meanwhile, metals and mining shares weighed on Materials: Freeport-McMoRan -3.59%, Newmont Corp -2.24%.
  • Note: corporate earnings after the close: Devon Energy Corp, eBay Inc, Mosaic,
  • DaVita Inc, Gilead Sciences Inc.

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