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Equities Roundup: IT Leads After Midweek Reversal

US STOCKS
  • Stocks are gaining ahead midday, regaining composure after equities reversed midweek highs yesterday, risk appetite improved after the latest Initial jobless claims came out lower than expected. Currently, the DJIA trades up 544.89 points (1.41%) at 39302.1, S&P E-Minis up 95.75 points (1.83%) at 5322, Nasdaq up 375.2 points (2.3%) at 16566.77.
  • Gains were noted across all index sub-sectors with Information Technology and Communication Services sectors outperforming in the first half. Bouncing off Wednesday lows, semiconductor makers buoyed the IT sector as they b: Monolithic Power +8.35%, ON Semiconductor +7.06%, Qorvo +6.02%.
  • Interactive media and entertainment shares supported Communication Services: News Corp +2.63%, Netflix and Meta both +2.46%, Google +2.35%.
  • Meanwhile Utility and Real Estate sectors underperformed in the first half, gas and multi-energy providers pared midweek gains: Dominion Energy -1.09%, Eversource Energy -0.81%, Atmos Energy -0.80%. Specialized and residential estate trust shares lagged: American Tower -1.1%, Crown Castle -0.58%, Vici Properties -0.51%.
  • Expected earnings announcements after the close include: Take-Two Interactive Software, Expedia Group, Sweetgreen Inc, Insulet Corp, Trade Desk Inc, Array Technologies, Five9, Paramount Global, Iovance Biotherapeutics Inc, Bloom Energy Corp and Gilead Sciences Inc.

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