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Late Equities Roundup: Auto Makers, Chip Stocks Outperform

US STOCKS
  • Stocks are holding firmer in late Wednesday trade, SPX Eminis extending new contract highs (5019.25) with Consumer Discretionary and Information Technology sectors outperforming. Currently, the DJIA is up 186.97 points (0.49%) at 38709.06, S&P E-Minis up 42.5 points (0.85%) at 5018, Nasdaq up 152.5 points (1%) at 15762.16.
  • Leading gainers: Auto makers supported the Consumer Discretionary sector: Ford +5.43% after announcing a dividend increase and lower investment in EVs. Ford outperformed Tesla +1.98% and GM +1.91%. Meanwhile, chip stocks led IT sector gains in the first half: Enphase +17.7% after matching earnings late Tuesday, optimistic over future demand, First Solar gained +3.97%, Broadcom +2.42%.
  • Laggers: Energy and Consumer Staples sectors underperformed in the second half, equipment and services shares weighed on the former: Schlumberger -1.06%, Haliburton -0.8%, Baker Hughes -0.68%. Food and beverage shares weighed on Consumer Staples: Molson Golden -3.25%, Bunge +2.59%, Tyson Foods -2.27%.
  • Side bar, NY Community Bank (NYCB) continued to make headlines earlier: Bbg reported the bank shares "jumped" this morning after management change: "NYCB NAMES ALESSANDRO DINELLO AS EXECUTIVE CHAIRMAN" Bbg, but quickly reversed course to new lows earlier ($3.60). NYCB gradually climbed back to $4.36 late (+3.93%) KBW Nasdaq Bank Index gained 0.18% late.
  • Looking ahead: corporate earnings expected after the close: McKesson Corp, Monolithic Power, Spirit Airlines, O'Reilly Automotive, Walt Disney, Wynn Resorts, Equifax, PayPal Holdings, Mattel, Allstate.

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