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Late Equity Roundup: Communication Services, IT Outperforming

US STOCKS
  • Stocks holding decent gains in late trade, SPX Eminis near highs as Communication Services and Information Technology sectors continue to outperform. At the moment, S&P E-Mini futures are up 50.25 points (1.14%) at 4449.75, DJIA up 170.93 points (0.5%) at 34461.26, Nasdaq up 234.9 points (1.7%) at 13741.83.
  • Leading gainers: Media and entertainment shares supporting Communication Services with Netflix +4.05% after reporting a surge in subscribers following a pass-word crackdown by the streaming service. Meanwhile, Google +3.1%, Take Two Software +2.9%, Meta +2.55.
  • Information Technology sector buoyed by semiconductor makers with hardware and software names a close second. Leaders: Monolithic Power +4.3%, Intel and AMD +2.75%. Meanwhile, Nvidia holds gain of 2.25% ahead of their Q3 earnings after today's close.
  • Laggers: Energy and Health Care sectors underperformed. Oil and gas shares weighed on the former after crude traded weak (WTI -.83 at 78.81): EQT -3.6%, Occidental Petroleum -1.75%, Marathon -1.45%, Devon Energy -1.35%. Health Care weighed by equipment and service providers: Insulet Corp -3.67%, Dexcom -1.67%, Hologic -1.45%.
  • Technicals: A bearish theme in the E-mini S&P contract remains intact and this week’s recovery appears to be a correction. Last week’s price action reinforces this theme. The move lower resulted in a break of the 50-day EMA and a breach of channel support drawn from the Mar 13 low. The Jun 26 low of 4368.50, was breached last Friday and attention is on 4344.28, a Fibonacci retracement. Initial firm resistance is at 4452.08, the 50-day EMA.
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