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Late Equity Roundup: Comm Services, IT, Consumer Shares Hold Support

US STOCKS
  • Stocks are moving higher again in late trade after paring back from midday highs (SPX appr 18.0 off Thu's two-year highs before a Nikkei sources story on re: BoJ tweaking yield curve control spurred a sell-off in stocks and rates). Currently, DJIA is up 178.83 points (0.51%) at 35463.71, S&P E-Mini Futures up 44.5 points (0.98%) at 4609, Nasdaq up 277 points (2%) at 14327.38.
  • Communication Services, Information Technology and Consumer Discretionary sectors continue to lead gainers Friday. Communication Services led by strong gains in Meta up another +4.0% after earnings and forward guidance beat expectations early Thu. Warner Bros +3.95% and Netflix +3.1%. Underlying demand by AI applications continued to buoy chip stocks/IT sector: Intel +5.85% after returning to profitability following two consecutive quarter losses, First Solar +5.55%, KLA +5.25%, Applied Materials +4. Auto makers leading Consumer Discretionary w/ Tesla +4.1%.
  • Laggers: Utilities, Energy and Financials underperformed late. Exxon -2.12%, Kinder Morgan -1.4% and Chevron -1% weighed on broader but smaller gains elsewhere in the Energy sector. Meanwhile, Insurance companies weighed on financials in the second half, Hartford -4.95%, AON -4.65%, PFG -4.17%
  • Technical focus on today's rebound puts focus on 4634.50/38.27 (High Jul 27 / Bull channel top) where clearance of the channel top is required to resume the uptrend.
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