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Late Equity Roundup: Chip Stocks Continue to Outperform

US STOCKS
  • Stocks holding mildly higher levels in late trade, off midweek lows as strong Information Technology sector gains outweighed weakness in the Health Care Sector Thursday. Currently, DJIA is up 38.01 points (0.1%) at 37305.74, S&P E-Mini futures up 18 points (0.38%) at 4789, Nasdaq up 127.8 points (0.9%) at 14983.2.
  • Leading gainers: Chip stocks and hardware makers continued to lead gainers in the IT sector late Thursday as AI demand remained strong: KLA Corp +4.02%, Qualcomm +3.66%, Applied Materials +3.63% while Broadcom gained 2.85%. Meanwhile, interactive media and entertainment buoyed Communication services: Disney and Meta both +1.54%, Google +1.12%, Warner Bros +1.03%.
  • Laggers: Health Care and Utility sectors underperformed in the first half. Reversing prior session gains, equipment and service providers weighed the Health Care sector: off lows Humana was still down a whopping -10% as higher patient care costs sapped earning, CVS -4.43%, Elevance Health -3.24%. Multi-power and water providers weighed on the Utility sector: Dominion -2.23%, NiSource -1.46%, American Water -2%.
  • Corporate earnings: PPG Industries and JB Hunt are expected to report after the close.

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