July 03, 2024 17:15 GMT
Late Equities Roundup: Chip Stocks Extend Gains
US STOCKS
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- Stocks are mostly higher into the early pre-4th of July holiday close, extending the top end of narrow session ranges while the DJIA continues to lag S&P Eminis and Nasdaq indexes. Currently, the DJIA is down 23.85 points (-0.06%) at 39308, S&P E-Minis up 22.75 points (0.41%) at 5591.5, Nasdaq up 159.5 points (0.9%) at 18188.3.
- Technology and Materials sectors continued outperform into the early close, semiconductor makers rebounding after seeing several consecutive sessions of profit taking, First Solar +5.85%, Nvidia +3.77% Broadcom +3.50% while Micron gains 2.31%. Metals and mining shares led the Materials sector with Newmont +4.32%, Freeport-McMoRan +4.01%.
- Health Care and Consumer Staples sectors remained weaker, pharmaceutical names weighing on the former for the second consecutive session: Gilead -2.40%, Incyte Corp and Regeneron Pharma both -2.27%. Retail, staples distribution shares traded weaker: Constellation Brands -4.09%, Walgreens Boots Alliance -3.33%, Dollar General -2.87%.
- Reminder, the latest equity earnings cycle kicks off in earnest Friday next week, banks headline: Wells Fargo, Bank of NY Mellon, JP Morgan and Citigroup.
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