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Late Equities Roundup: Chip Makers, REITS Outperform

US STOCKS
  • Stocks continued to gain, S&P Eminis unwinding most of the week opener's sell-off to near Friday's close in late Tuesday trade. Cautious risk-on tone gained momentum after Monday's ISM services data helped cool imminent economic recession concerns.
  • Currently, the DJIA trades up 694.34 points (1.79%) at 39388.68, S&P E-Minis up 117 points (2.24%) at 5333, Nasdaq up 396.3 points (2.4%) at 16592.2.
  • Real Estate and Information Technology sector shares led gainers in late trade, office and health care investment trust shares supporting the former: BXP Inc +5.91%, Alexandria Real Estate +3.93%, Welltower Inc +3.83%. Semiconductor shares live to fight another day: Nvidia +6.64%, Texas Instruments +4.58%, Broadcom +4.51%.
  • Energy and Consumer Staples sectors underperformed in the second half, oil and gas shares mildly weaker: Hess -1.03%, Chevron -0.95%, APA -0.80%. Meanwhile, food and beverage shares weighed on Staples: Tyson -0.82%, JM Smucker -0.59%, Hormel -0.44%.
  • Expected earnings announcements after the close include the following: Illumina Inc, Devon Energy Corp, Fortinet Inc, Rivian Automotive, Astera Labs, Lumen Technologies, International Flavors, Reddit, Permian Resources, Wynn Resorts, Amgen Inc, Airbnb Inc and Super Micro Computer.

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