Morning Market
Dow 52330.73 +106.09 (0.20%)
Nasdaq 25734.19 -124.02 (-0.48%)
SP 500 7499.46 -9.74 (-0.13%)
10-yr Note
NYSE Adv 1290 Dec 1188 Vol 135.30 mln
Nasdaq Adv 1588 Dec 2125 Vol 1.92 bln
Industry Watch
Strong: Materials, Utilities, Energy, Consumer Staples, Industrials
Weak: Information Technology, Consumer Discretionary, Health Care
Moving the Market
–Semiconductors and other mega-cap tech struggling to build on yesterday’s rally
–Solid participation in the broader market
Server names surge after SMCI guidance
Although the information technology sector (-0.6%) lags, several of its server components are sharply higher after Super Micro Computer (SMCI 31.41, +5.91, +23.18%) provided its Q4 (Jun) guidance last night. It was a mixed preannouncement that the market is interpreting as a positive read-through for the broader AI infrastructure trade.
The update has sparked a move across AI infrastructure names, most notably Dell (DELL 446.44, +42.29, +10.46%) and Hewlett Packard Enterprise (HPE 49.41, +2.69, +5.76%).