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Late Equity Roundup: Chip Stocks Lead Tech-Driven Rally

US STOCKS
  • Stocks remain strong late Thursday, IT sector helping SPX Eminis mark new contract highs (5107.75). Currently, S&P E-Minis are up 107.75 points (2.16%) at 5104.5, Nasdaq up 478.8 points (3.1%) at 16059.66, DJIA up 477.79 points (1.24%) at 39091.12.
  • Leading Gainers: Information Technology and Consumer Discretionary sectors outperformed, semiconductor makers bounced back from midweek selling after Nvidia beat earnings late Wednesday on the back of continued AI demand: Nvidia +15.89%, Advanced Micro Devices +11.18%, Broadcom +6.32% and Applied Materials +5.45%.
  • Meanwhile, broadline retailers buoyed the Consumer Discretionary sector: Amazon +3.45%, CarMax +2.66%, Home Depo +1.84%.
  • Laggers: Utilities and Energy sectors retreated from midweek gains, multi energy providers supported the Utilities sector: AES Corp -2.9%, Dominion Energy -1.871%, DTE Energy -1.57%. Oil and gas services weighed on the latter: APA -3.96%, Kinder Morgan -1.23%, Diamond Back Energy -1.77%.
  • Looking ahead: Corporate earnings after the close: EOG Resources, Copart Inc, BioMarin Pharmaceuticals, Insulet Corp, Intuit Inc, Carvana, Floor & Decor Holdings.

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