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Strong Semis Countered By Plummeting Cisco

EQUITIES
  • Lowest volume open of the week for the e-mini S&P with around 50k traded inside the 10 minutes following the bell, pressing the index to 4689.75 before stabilising.
  • Utilities and energy the early underperformers, with tech and consumer discretionary at the top end of the table.
  • Perhaps importantly, the in-focus Semiconductors sector is particularly firm - NVIDIA and AMD are surging thanks to NVIDIA's particularly strong Q3 although there remains supply chains woes with their automobile unit performing poorly.
  • Countering strength in semiconductor space, Cisco Systems have been hit hard as supply concerns restricted sales pipelines. Their shares are off as much as 9%, knocking over 30 points off the DJIA.
  • The S&P E-minis outlook remains bullish and futures remain above recent lows. Another all-time high print on Nov 5 confirmed a resumption of the uptrend and the focus is on 4717.00 next, a Fibonacci projection.

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