Free Trial

Equities Roundup: IT Shares Rebound

US STOCKS
  • Stocks are firmer by midmorning, near early session highs after paring gains briefly after the open. Generally optimistic trade after President Biden's Sunday afternoon annc to drop out of the 2024 race with tech stocks bouncing from late last week's selling.
  • Currently, the DJIA is up 126.88 points (0.31%) at 40410.73, S&P E-Minis up 48 points (0.86%) at 5601, Nasdaq up 241.1 points (1.4%) at 17964.23.
  • Information Technology and Communication Services sectors outperformed in the first half, semiconductor makers leading gainers in IT following Friday losses tied to CrowdStrike outages: Lam Research +4.24%, ON Semiconductor +3.82%, Applied Materials +3.68%.
  • Communication Services were buoyed by interactive media and entertainment shares: Meta +2.7%, Google +2.11, Netflix +1.42%. Conversely, weaker telecom stocks leavened Comm Services gains with Verizon -6.4% after reporting flat earnings, AT&T -3.5%.
  • Meanwhile, Energy and Materials sector shares underperformed in the first half, oil and gas shares weighing on the former: APA -2.28, Occidental -1.92%, Devon Energy -1.78%. Metals and Mining stocks weighed om the Materials sector: Steel Dynamics -1.32, Newmont -0.53%, Nucor -0.48%.
  • Reminder, Monday afternoon earnings announcements from Nucor Corp, W R Berkley, Alexandria Real Estate, Crown Holdings and Cadence Design Systems.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.