All eleven sectors trade in positive territory in the early going with top-weighted technology (+0.7%) keeping pace with the S&P 500 (+0.7%).
Key factors driving today’s performance include:
- Generally positive sentiment opening the door to an extension of the market’s rebound from yesterday with the S&P 500 approaching its 50-day moving average (4025.29).
- Soft showing from top components like Apple (AAPL 156.01, +0.05, +0.01%), Oracle (ORCL 74.67, +0.18, +0.2%), Visa (V 200.36, -0.07, -0.03%), and Mastercard (MA 328.46, -0.16, -0.1%) masking relative strength among chipmakers and gains in almost all remaining sector components. The PHLX Semiconductor Index is up 1.7%, extending this week’s gain to 2.2%.
- AMD (AMD 83.28, +3.67, +4.6%): best performer in the sector, extending yesterday’s bounce off its lowest level since mid-July. Stifel initiated coverage of the stock with a Buy rating and a $122 target.
- KLA Corp (KLAC 346.31, +8.49, +2.5%): rising toward its 50-day moving average (351.51).
- Salesforce (CRM 156.82, +3.54, +2.3%): extending yesterday’s bounce off its lowest level since April 2020.
- NVIDIA (NVDA 139.84, +2.70, +2.0%): rising to a fresh high for the week. Stifel initiated coverage with a Hold rating and a $165 target.
- Adobe (ADBE 385.82, +6.10, +1.6%): rising toward its 50-day moving average (399.59).
- Texas Instruments (TXN 168.26, +2.44, +1.5%): returning to its 50-day moving average (168.51).
- Broadcom (AVGO 512.50, +7.37, +1.5%): rising to a fresh high for the week with its 50-day moving average (517.83) looming above.
- Intuit (INTU 439.49, +4.20, +1.0%): rising back above its 50-day moving average (435.49).
- Autodesk (ADSK 208.10. +1.91. +1.0%): staying above its 50-day moving average (202.87).
- Cisco Systems (CSCO 45.39, +0.37, +0.8%): staying above its 50-day moving average (44.92).
- Microsoft (MSFT 260.03, +1.94, +0.8%): rising into the upper half of its range from Friday after reclaiming its opening loss.
- Enphase Energy (ENPH 318.25, +1.94, +0.6%): hit a fresh record high before narrowing its gain.
- Intel (INTC 30.76, +0.11, +0.4%): hit its lowest level since May 2019 before turning positive. Stifel initiated coverage of the stock with a Hold rating and a $32 target.
- Oracle (ORCL 74.67, +0.18, +0.2%): returning to its 50-day moving average (74.77).
- Visa (V 200.36, -0.07, -0.03%): hovering near yesterday’s closing level after a brief dip past yesterday’s low.
- Apple (AAPL 156.01, +0.05, +0.01%): sitting right below its 50-day moving average (157.76).
- Leidos (LDOS 94.39, -0.62, -0.7%): weakest performer in the sector, trading near the midpoint of yesterday’s range.
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