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Late Equity Roundup: High-Tech Leads Session Gains

US STOCKS
  • Stocks continued to drift higher in late trade after in-line weekly jobless claims data spurred buying/short covering ahead of Friday's headline employment data. At the moment, DJIA is up 72.33 points (0.2%) at 36128.11, S&P E-Mini futures up 33.25 points (0.73%) at 4589.25, Nasdaq up 181 points (1.3%) at 14328.29.
  • Leading gainers: Communication Services, Information Technology and Consumer Discretionary sectors outperformed, interactive media supporting the former with Google +5.61% after successful launch of Gemini - competing against OpenAI’s ChatGPT, while Meta gained 3.13% and Live Nation gained 2%. IT sector supported by semiconductor stocks rebound from late Wednesday selling: AMD +9.6% (positive reaction to competitive AI chips vs. Nvidia), ON Semiconductor +3.73%, Qorvo +3.38%. Meanwhile hotels/resorts outpaced automakers to take lead in the Discretionary sector: Airbnb +4.23, Expedia +3.32%, Norwegian Cruise Line +3.2%.
  • Laggers: Energy, Health Care and Utilities sectors underperformed, with Haliburton (-2.05%) and Schlumberger (-1.77%) weighing on the former. Pharmaceuticals weighed on the Health Care sector: Gilead -1.65%, Merck -1.43%, Moderna -1.17%. Meanwhile, Electricity and LP/Gas shares weighed on Utilities: Constellation -1.49%, First Energy -0.85%, PPL Corp -0.65%.

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