July 10, 2024 19:11 GMT
Late Equities Roundup: Extending New Highs, Chip Makers, Miners Lead
US STOCKS
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- Stocks are extending trading higher late Wednesday, new all-time highs for S&P Eminis and Nasdaq indexes (5,675.75 and 18,625.93 respectively), while the Dow is still well off +40,000 mid-May highs.
- Currently, the DJIA trades up 252.78 points (0.64%) at 39545.43, S&P E-Minis up 41.75 points (0.74%) at 5672.75, Nasdaq up 174.7 points (0.9%) at 18603.79.
- Information Technology and Materials sectors continued to lead gainers in late trade, semiconductor makers underpinning the IT sector: Qorvo +3.86%, Micron +3.78%, ON Semiconductor +3.73%.
- Metals and mining stocks buoyed the former: Newmont Corp +3.83%, Smurfit WestRock +2.43%, Steel Dynamics +2.28%. Of note, Albemarle gained 7%, recovering much of the prior session losses reportedly tied to a drop in lithium prices.
- On the flipside, Financial and Real Estate sectors continued to underperform, financial services shares weighed on the Financial sector: Mastercard -3.38%, Fiserv Inc -2.61%, Jack Henry & Assc -2.0%; while banks continued to make modest gains ahead Friday's start of the latest earnings cycle.
- Investment trusts weighing on the former: UDR Inc -1.25%, Weyerhaeuser -0.98%, WellTower -0.81%.
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