April 23, 2024 19:06 GMT
Late Equities Roundup: Interactive Media, Chip Stocks Remain Strong
US STOCKS
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- Modest profit taking sees stocks paring gains late Tuesday after this morning's lower than expected flash PMI data underpinned stocks as rates rallied and projected rate cut pricing climbed off recent lows. Currently, DJIA is up 244.98 points (0.64%) at 38481.71, S&P E-Minis up 57 points (1.13%) at 5104.5, Nasdaq up 250.9 points (1.6%) at 15700.71.
- Communication Services and Information Technology sectors continued to lead gainers in late trade, interactive media and telecommunications shares buoyed the former: Netflix +4.06%, Verizon +3.32% after selling off Monday despite announcing better than expected 1Q profits, Meta +3.20%. Chip stocks continued to support the IT sector: Enphase, Microchip Technology +4.07%, +4.26%, Nvidia +3.71%.
- Laggers: Materials and Consumer Staples shares underperformed in late trade, metals and mining stocks weighed on the former as Gold prices remained weaker after falling over $60.0 Monday: Nucor -7.38%, Freeport McMoRan -2.05%. Meanwhile, distribution/retail names weighed on the Consumer Staples sector: Kroger -2.30%, Walmart -1.90%.
- Corporate earnings expected after the close: Tesla, Enphase, Seagate, Texas Instrument, Baker Hughes, Steel Dynamics, Visa. Link to MNI's earning's calendar.
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