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Late Equities Roundup: Dow Gaining, Chip Stocks Weigh on IT

US STOCKS
  • Stocks are trading near steady (Eminis) to mixed with the DJIA outperforming late Thursday. Currently, the DJIA is up 350.69 points (0.9%) at 39185.6, S&P E-Minis down 7.75 points (-0.14%) at 5552 vs. 5588.00 high, Nasdaq down 109.1 points (-0.6%) at 17752.87.
  • The uptrend in S&P E-Minis remains intact, despite weakness off highs on Thursday. The contract has traded higher across the week, confirming an extension of the current bull cycle. Price has recently cleared 5430.75, the May 23 high and bull trigger. This confirmed a resumption of the uptrend.
  • Information Technology and Consumer Staples sectors underperformed in late trade. IT led laggers as semiconductor shares came under pressure in the second half: Enphase -8.32%, Qualcomm -5.76%, Micron -5.43%.
  • Household and personal product shares on Consumer Staples, Clorox -2.11$, Kimberly-Clark -0.92%, Church & Dwight -0.76%.
  • Leading gainers: Energy and Utility sectors continued to outperform in late trade, oil and gas servicer shares buoyed the former as crude continued to gain (WTI +0.63 at 82.20): Hess +3.17%, Schlumberger +2.85%, Exxon Mobile +2.62%.
  • Electricity and multi-energy providers buoyed the Utility sector: NexEra Energy +2.90%, Alliant Energy +2.56%, WEC Energy +1.49%.

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