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Late Equities Roundup: IT Leads SPX Eminis to New Contract Highs

US STOCKS
  • Stocks remain well bid late Friday, SPX Eminis scaling off contract highs of 4874.25 amid modest selling/position squaring ahead of the weekend.
  • Information Technology shares continue to lead while Financials outpaced Communication Services shares in the second half. Currently, S&P E-Mini futures are up 55 points (1.14%) at 4866.75, DJIA is up 399.5 points (1.07%) at 37873.21, Nasdaq up 226.5 points (1.5%) at 15283.73.
  • Leading gainers: Chip stocks and hardware makers led gainers in the IT sector amid ongoing/widening AI demand: Broadcom +6.03%, Lam Research +4.92%, Texas Instruments +4.79%, Qualcom +4.71%. Meanwhile, bank shares buoyed Financials in late trade: M&T Bank +5.20%, KeyCorp +4.62%, US Bancorp +3.74%.
  • Laggers: Utilities and Consumer Staples sectors underperformed in the second half. Independent power and water providers weighed on the former: AES -2.36%, NextEra Energy -0.80%, American Water Works -.25%. Food and beverage shares weighed on the former: Bunge Global -1.21%, Hormel -0.97%, Tyson Foods -0.77%.
  • Corporate earnings resume Monday: United Airlines, Brown & Brown and AGNC Investments expected to announce after the close.

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