Morning Market
Dow 52188.85 +349.59 (0.67%)
Nasdaq 25806.52 +277.44 (1.09%)
SP 500 7494.59 +51.31 (0.69%)
10-yr Note
NYSE Adv 1372 Dec 1129 Vol 143.91 mln
Nasdaq Adv 2289 Dec 1454 Vol 2.40 bln
Industry Watch
Strong: Information Technology, Industrials, Energy
Weak: Consumer Staples, Communication Services, Utilities
Moving the Market
–Solid opening gains across semiconductor names after yesterday’s early strength was largely erased
–Crude oil continues to move higher
Major averages supported by broadening participation, just three sectors in negative territory. The defensive consumer staples (-0.8%) and utilities (-0.3%) sectors lag amid the resurgence in semiconductor names today, while the communication services sector (-0.5%) trades lower as Alphabet (GOOG 348.63, -2.74, -0.78%) gives back a chunk of yesterday’s advance.
While the market-weighted S&P 500 (+0.7%) outperforms the S&P 500 Equal Weighted Index (+0.2%) due to the early strength in semiconductor stocks, broadening participation has the equal-weighted benchmark back above its flat line.
Semiconductors lead the market higher
The PHLX Semiconductor Index (+3.8%) is firmly higher, though off its opening highs. However, today’s advance surpasses yesterday’s opening gain, which was ultimately erased. Memory names such as Micron (MU 930.68, +65.22, +7.54%) and Sandisk (SNDK 1522.54, +131.59, +9.46%) lead the advance after a strong showing from memory stocks overnight in Asian markets, while a host of chipmaker and infrastructure names also trade higher.
The information technology sector (+1.4%) holds a solid gain, with the semiconductor strength offsetting weakness in several of its other largest components.
The energy sector (+0.4%) as crude oil rises $2.00 (+2.4%) to $84.48 per barrel.
The industrials sector (+0.4%) holds a similar gain as 3M (MMM 175.12, +16.00, +10.06%) surges higher after earnings, which is also supportive for the DJIA.