Reply To: Traders Market Weekly: Expect the Unexpected

#45584
Truman
Participant

A reversal in price action for Apple (AAPL 140.54, +2.09, +1.5%) and semiconductor stocks has been integral to the rebound effort, along with strength in the financial sector (+3.4%).

Apple was down 2.9% at its intraday low and the PHLX Semiconductor Index was down 4.9% at its intraday low.
Semiconductors are showing strength now following a better-than-expected earnings report and outlook from TSMC (TSM 67.01, +2.90, +4.5%).
Chip equipment maker Applied Materials (AMAT 78.52, +2.51, +3.3%) for its part is trading higher after a fiscal Q4 warning that was attributed to the new export restrictions on semiconductor technology to China.

All 11 S&P 500 sectors trade in positive territory with consumer discretionary (+0.3%) showing the slimmest gain. Energy (+4.0%) sits atop the leaderboard after WTI crude oil futures rose out of negative territory, up 2.0% to $89.02/bbl.