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Late Equity Roundup: Chip Makers, Entertainment Shares Outperforming

US STOCKS
  • Stocks continued to inch higher late Thursday, nearing highs for the week as this morning's weekly jobless claims help stocks shrug off Monday's rout. Currently, the DJIA trades up 701.6 points (1.81%) at 39464.91, S&P E-Minis up 122.5 points (2.34%) at 5350.25, Nasdaq up 479.2 points (3%) at 16674.71.
  • Information Technology and Communication Services sectors led the broad based rally, semiconductor makers supporting the IT sector: Monolithic Power +10.26%, ON Semiconductor +8.61%, KLA Corp +7.71%. Interactive media and entertainment shares continued to support the Communication Services sector: Meta +3.33%, Netflix +3.26%, Google +2.78%.
  • Meanwhile Utility and Real Estate sectors continued to lag the rally in late trade, gas and multi-energy providers pared midweek gains: Dominion Energy -1.11%, Eversource Energy -0.75%, Atmos Energy -0.72%. Specialized and residential estate trust shares lagged: American Tower -1.3%, Crown Castle -0.60%, Vici Properties -0.51%.
  • Expected earnings announcements after the close include: Take-Two Interactive Software, Expedia Group, Sweetgreen Inc, Insulet Corp, Trade Desk Inc, Array Technologies, Five9, Paramount Global, Iovance Biotherapeutics Inc, Bloom Energy Corp and Gilead Sciences Inc.

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