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Equities Roundup: IT Shares Rebound

US STOCKS
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  • 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.
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  • 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.