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US STOCKS: Late Equities Roundup: Late Recover, Tech Stocks to the Fore

US STOCKS
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  • Major averages drifted off midday lows late Friday, Nasdaq outperforming the DJIA and SPX Eminis as support for Information Technology sector shares gained momentum. Currently, the DJIA trades down 44.71 points (-0.1%) at 43870.08, S&P E-Minis down 3 points (-0.05%) at 6057.75, Nasdaq up 21.9 points (0.1%) at 19924.64.
  • Technology stocks continued to lead gainers after Broadcom announced better than expected earnings and a huge jump in revenue tied to AI this morning, currently trading up over 24.45%. Knock on support carried over to Arista Networks +4.93%, Micron +3.26%, Teradyne +2.28%.
  • Not all tech stocks continued to benefit, however, as Nvidia swung from +1.2% to -2.13%, Super Micro Computer -4.72%, AMD -3.60% and Microchip Technology -2.44%.
  • Otherwise, Consumer Discretionary and Health Care sectors lead gainers in late trade, autos and apparel supported the former with Tesla +3.32%, Tapestry +2.70%, Deckers Outdoor +0.59%.
  • Late support for the Health Care sector was driven by Centene Corp +3.93% after UBS analysts upgraded the provider to a buy, Molina +2.30%, UnitedHealth Group +2.16%.
  • Metals and mining shares continued to weigh on the Material sector with Nucor declining another 4.82% after losing 5% on Thursday following several downgrades after raising quarterly dividends slightly ($0.54 to 0.55), Albemarle -4.63% and Steel Dynamics -3.81% on lower demand.
  • Interactive media and entertainment shares weighed on the Communication Services sector with Paramount Global -3.48%, Electronic Arts -3.34% after a Cowen analyst estimated lower mobile revenues in Q4, Warner Brothers -3.16%, Charter Communications -2.55%.
  • Slowing down into year end, still some notable earnings announcements expected next week from General Mills, Micron, Lennar, CarMax, Conagra, Cintas, FedEx, Nike and Carnival.
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  • Major averages drifted off midday lows late Friday, Nasdaq outperforming the DJIA and SPX Eminis as support for Information Technology sector shares gained momentum. Currently, the DJIA trades down 44.71 points (-0.1%) at 43870.08, S&P E-Minis down 3 points (-0.05%) at 6057.75, Nasdaq up 21.9 points (0.1%) at 19924.64.
  • Technology stocks continued to lead gainers after Broadcom announced better than expected earnings and a huge jump in revenue tied to AI this morning, currently trading up over 24.45%. Knock on support carried over to Arista Networks +4.93%, Micron +3.26%, Teradyne +2.28%.
  • Not all tech stocks continued to benefit, however, as Nvidia swung from +1.2% to -2.13%, Super Micro Computer -4.72%, AMD -3.60% and Microchip Technology -2.44%.
  • Otherwise, Consumer Discretionary and Health Care sectors lead gainers in late trade, autos and apparel supported the former with Tesla +3.32%, Tapestry +2.70%, Deckers Outdoor +0.59%.
  • Late support for the Health Care sector was driven by Centene Corp +3.93% after UBS analysts upgraded the provider to a buy, Molina +2.30%, UnitedHealth Group +2.16%.
  • Metals and mining shares continued to weigh on the Material sector with Nucor declining another 4.82% after losing 5% on Thursday following several downgrades after raising quarterly dividends slightly ($0.54 to 0.55), Albemarle -4.63% and Steel Dynamics -3.81% on lower demand.
  • Interactive media and entertainment shares weighed on the Communication Services sector with Paramount Global -3.48%, Electronic Arts -3.34% after a Cowen analyst estimated lower mobile revenues in Q4, Warner Brothers -3.16%, Charter Communications -2.55%.
  • Slowing down into year end, still some notable earnings announcements expected next week from General Mills, Micron, Lennar, CarMax, Conagra, Cintas, FedEx, Nike and Carnival.