July 22, 2024 18:58 GMT
Late Equity Roundup: Semiconductor Makers Leads Monday Rebound
US STOCKS
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- Stocks are firmer late Monday, still off last week's cycle highs amid generally optimistic trade after President Biden's Sunday afternoon annc to drop out of the 2024 presidential race. Currently, the DJIA is up 134.38 points (0.33%) at 40424.83, S&P E-Minis up 60.25 points (1.08%) at 5613.75, Nasdaq up 305 points (1.7%) at 18031.17.
- Information Technology and Communication Services sectors continued to outperform in late trade, semiconductor makers supporting the IT sector following Friday losses tied to CrowdStrike outages: KLA Corp +5.81%, Lam Research +5.64%%, ON Semiconductor +5.43%. Incidentally, CrowdStrike lost another 12.88% in late session trade.
- Communication Services were buoyed by interactive media and entertainment shares: Netflix +3.25%, Electronic Arts +2.68%, Google +2.63. Conversely, weaker telecom stocks leavened Comm Services gains with Verizon -6.34% after reporting flat earnings, AT&T -2.8%.
- Meanwhile, Energy and Consumer Staples sector shares underperformed in the second half, oil and gas shares weighing on the former: Occidental -2.57%, Halliburton -2.11%, Devon Energy -2.01%. Meanwhile, food and beverage shares weighed on the Consumer Staples sector: Hormel -1.70%, Monster Beverage -1.51%, JM Smucker -1.47%.
- Reminder, Monday afternoon earnings announcements from Nucor Corp, W R Berkley, Alexandria Real Estate, Crown Holdings and Cadence Design Systems.
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