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Late Equity Roundup: Software & Services Buoys IT Sector

US STOCKS
  • Stocks continue to drift near midday session highs after the bell, Information Technology and Consumer Discretionary sectors outperforming. Currently, S&P E-Mini future are up 16.5 points (0.38%) at 4400.5, Nasdaq up 144.7 points (1.1%) at 13663.21, DJIA up 82.83 points (0.24%) at 34175.51.
  • Eminis through initial technical resistance of 4391.75 (Nov 3 high) focus is on 4430.50 (High Oct 12). Initial support well below: 4157.75/4122.25 Low Nov 3 / Low Oct 27 and the bear trigger.
  • Leaders: Software and services names buoying the IT sector: Gen Digital +7.88% after 2Q results beat estimates, Adobe +3.46%, Intuit +2.56%. Broadline retail shares lifted the Consumer Discretionary sector: Ulta +2.55%, Etsy +2.5%, Amazon +2.33%.
  • Laggers: Energy and Materials sectors continue to underperform: equipment and services shares weighed on the Energy sector: Schlumberger -5.65%, Halliburton -4.10%, Baker Hughes -3.05%. Meanwhile, metals and mining shares weighed on Materials: Freeport-McMoRan -4.11%, Newmont Corp -2.92%.
  • Note: corporate earnings expected after the close: Devon Energy Corp, eBay Inc, Mosaic, DaVita Inc and Gilead Sciences Inc.. Big names out before Wednesday's open include: Warner Bros, Biogen and Ralph Lauren.

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