September 19, 2024 16:24 GMT
US STOCKS: S&P Eminis Climb to New All-Time Highs, Chip Stocks Leading
US STOCKS
- Stocks continue to post strong gains the day after the Fed delivers a 50bp rate cut, the prospects for an additional 50bp cut by year end helping S&P Eminis mark new all-time highs.
- The DJIA trades up 531.94 points (1.28%) at 42034.85, S&P E-Minis up 104.75 points (1.84%) at 5784.5, Nasdaq up 491.9 points (2.8%) at 18065.16.
- Semiconductor and hardware makers outperformed in the first half, a broad swath of stocks gaining 4.5-5.5%. Leading gainers included Monolithic Power +6.15%, AMD +6%, Crowdstrike +5.30% while Nvidia gained 4.8%.
- Interactive media and entertainment up next with Meta +3.62%, Take-Two Interactive and Netflix both +2.70%, Google +2.0%.
- On the flipside, Utilities and Consumer Staples underperform for the second day running, multi-energy providers weighing on the former: NextEra Energy -3.11%, NiSource and Public Service Enterprises -2.0%, Consolidated Edison -1.97%.
- Household/personal product shares weighed on Staples: Procter & Gamble -1.13%, Clorox -1.13%, Kenvue -0.97%.
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