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Late Equity Roundup: IT, Communication Services Outperform

US STOCKS
  • Stocks holding near late session highs after the FOMC left rates steady for the second consecutive meeting. Stocks followed Tsys higher after Chairman Powell stated "we have come very far with this rate hiking cycle, very far." Currently, DJIA is up 232.71 points (0.7%) at 33285.9, S&P E-Mini futures up 47.5 points (1.13%) at 4260, Nasdaq up 213.5 points (1.7%) at 13064.06.
  • Leaders: Information Technology and Communication Services sectors continue to outperform, software and semiconductor makers supporting the former: Advanced Micro Devices +9.27%, Arista Networks +5.07%, Western Digital +4.06%, Micron +3.69%. Interactive media and entertainment stocks buoyed Communication Services: Meta +3.28%, Netflix +1.95%, Google +1.75%.
  • Laggers: Materials and Energy sectors lagged in the second half, container and packaging shares weighing on the former: Amcor -1.91%, Sealed Air -1.67%, Ball Corp -1.27%. Energy sector saw oil and gas shared lagging: Conoco Philips -1.23%, EOG Resources -0.95%, Chevron -0.81%.
  • Reminder that a slew of corporate earnings annc's are expected after the close ,include: Allstate, Williams Cos, Avis Budget Group, Zillow, Ingersoll Rand, DoorDash, Electronic Arts, American International Group, Albemarle Corp, MetLife Inc, Marathon Oil, Airbnb, Roku, Etsy, QUALCOMM, PayPal and APA Corp.
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