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Free AccessLate Equity Roundup: Software & Services Buoys IT Sector
- 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.