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Equities Roundup: IT Lags as Semiconductor Shares Wane

US STOCKS
  • Early support for stocks has evaporated, indexes modestly weaker in late morning trade. Currently, DJIA shares are down 162.17 points (-0.46%) at 35150.94, S&P E-Mini futures down 31 points (-0.69%) at 4487.75, Nasdaq down 174.4 points (-1.3%) at 13710.73.
  • Laggers: Information Technology, Communication Services and Consumer Discretionary sectors underperformed early Wednesday. Semiconductor makers weighed on IT, shares of Super Micro Computer currently -23% despite announcing better than expected earnings late Tuesday. Investor focus on weaker revenue outlook despite the ongoing demand for high performance chips for AI applications. Similarly, Nvidia shares that have enjoyed meteoric rise this year (+195% YTD) are trading -4.45% at the moment.
  • Meanwhile, Communication Services sector weighed by media and entertainment: Paramount -2.65%, Meta -2.25%, Take Two Interactive -2%. Consumer Discretionary weighed by weaker auto makers with Tesla -1.7%, Ford -1.1%.
  • Leading gainers: Energy, Utilities and Consumer Staples sectors outperformed. Energy sector shares say strong gains as crude hit nine month highs Wednesday, WTI marking 84.44. Shares of APA +3.7%, Coterra Energy +3.65%, Marathon +3.21%. Meanwhile, independent and renewable energy shares underpinned Utilities: NRG +3.43%, AES +2.1% Pinnacle West +2.0%.

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