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Equities Roundup: Strong Gains Lead by IT, Auto Parts, Oil & Gas

US STOCKS
  • Stocks continue to make strong gains by late Wednesday morning, a softening of microchip export rules by the US helping support global trade optimism and Information Technology stocks in particular.
  • Not far off the mid-July all-time high of 41,368.08, the DJIA is up 208.47 points (0.51%) at 40952.61, S&P E-Minis up 87.5 points (1.6%) at 5559.75, Nasdaq up 422.3 points (2.5%) at 17568.14.
  • Information Technology and Consumer Discretionary sectors outperformed in the first half. Still off mid-June highs, Nvidia led gainers, up 10.75% by late morning, Meanwhile, Broadcom trades +9.21%, Micron +7.76%. Consumer Discretionary sector shares were supported by auto component makers: after exceeding earnings estimates, BorgWarner trades +9.25%, while Aptiv climbed 4.2% off 52 week lows.
  • Of note, oil and gas shares traded strong as crude rallied (WTI +2.64 at 77.37): Diamonback Energy +2.27%, Devon Energy +2.12%, ConocoPhillips +1.77%.
  • Consumer Staples and Health Care sectors underperformed in the first half, household and personal product makers weighed on the former: Colgate-Palmolive -1.21%, Church $ Dwight -1.14%, Kimberly Clark -0.88%. Equipment and Services shares weighed on the Health Care sector: Humana -9.03% after cutting it's 2024 outlook amid rising medical costs, CVS -2.04%, and Molina Health -1.68%.
  • Heavy earnings announcement schedule continues after today's close include: Allstate, Host Hotels, Corteva Inc, MGM Resorts, AIG, Meta, Carvana, QUALCOMM, Lam Research, Western Digital, Cognizant Tech, Albemarle, Bally's Corp, Eversource Energy, American Water Works, APA Corp, eBay, Teladoc Health, Etsy, Noble Corp PLC and Goodyear Tire.
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