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Equities Roundup: Nvidia Buoys Broad Swath of Tech Stocks

Stocks are trading higher in the second half, SPX and Nasdaq stocks outperforming Dow Industrials as tech-shares surged. Currently, S&P E-Mini futures are up 43 points (1.04%) at 4168.5; Nasdaq up 241.3 points (1.9%) at 12724.75; DJIA up 21.43 points (0.07%) at 32820.71.
  • SPX levels recovered after testing the 50-day EMA support at 4124.40 Wednesday, . A continuation higher would refocus attention on initial key resistance at 4227.25, the May 19 high. Clearance of this hurdle would resume the uptrend that started on Mar 13.
  • It's nice to see something other than debt-ceiling negotiations (albeit themselves sounding more positive over a resolution) as shares of Nvidia surged over 25% on the back of positive sales for graphics processors and AI chips.
  • Leading laggers: Information Technology shares lead the rally, following Nvidia's outperformance, Monolithic Power (MPWR) gained +17%, Synopsys +11% and Advanced Micro Devoices (AMD) +10.3%. Communication Services and Real Estate sectors were distant second and third place.
  • Leading laggers: Energy sector shares underperformed, paring early week gains as crude prices reversed (WTI -2.72 at 71.62), Utilities, Health Care and Consumer Staples sectors were not far behind.

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