Morning Market
Dow 54030.86 +260.59 (0.48%)
Nasdaq 26859.94 +250.43 (0.94%)
SP 500 7812.57 +64.07 (0.83%)
10-yr Note
NYSE Adv 1816 Dec 708 Vol 138.66 mln
Nasdaq Adv 2535 Dec 1215 Vol 2.61 bln
Industry Watch
Strong: Information Technology, Real Estate, Communication Services, Consumer Discretionary, Consumer Staples
Weak: Energy, Industrials, Materials
Moving the Market
–In-line July PPI report after tame CPI yesterday
–Oil prices moving firmly lower despite lack of headlines
–Solid tech leadership pushes S&P 500 to new all-time highs
Tech is off to another stolid start as the information technology sector (+1.1%) paces the early gains. Software stocks are rebounding from a weaker showing yesterday, semiconductors remain firm, and hardware names such as Super Micro Computer (SMCI 39.81, +2.20, +5.85%) and Hewlett Packard Enterprise (HPE 61.31, +2.52, +4.29%) are among the best-performing S&P 500 components this morning.
Mega-cap tech stocks outside of the information technology sector are putting together a nice rebound after poor performances yesterday. Solid gains in Meta Platforms (META 588.75, +9.90, +1.71%) and Tesla (TSLA 332.28, +4.77, +1.46%) push the communication services (+1.0%) and consumer discretionary (+0.7%) sectors higher, while the Vanguard Mega Cap Growth ETF rises 1.0%.
Strength is relatively broad elsewhere, with a total of eight S&P 500 sectors trading higher. A sharp retreat in crude oil (WTI crude is down $2.75 (-3.3%) to $80.51 per barrel) is adding to the constructive backdrop this morning, though the energy sector (-1.1%) lags as a result.