Sector Briefing: Technology.

All eleven sectors sport gains at this juncture with top-weighted technology (+1.7%) trading among the early leaders.

Key factors driving today’s performance include:

  • Positive sentiment after the market overcame yesterday’s intraday pullback to finish near session highs. The S&P 500 (+1.3%) is on track to gain 3.4% for the week.
  • Leadership from high-beta chipmakers and gains in all but four tech sector components. The PHLX Semiconductor Index is up 2.2%, extending this week’s gain to 4.5% versus a 2.9% week-to-date gain in the tech sector.

Notable movers:

  • Silicon Labs (SLAB 130.95, +4.84, +3.8%): best performer among chipmakers, rallying toward its 50-day moving average (135.93).
  • ASML (ASML 499.84, +17.09, +3.5%): rising toward its 50-day moving average (514.82).
  • Teradyne (TER 88.93, +2.79, +3.2%): best performer in the sector, rising to its best level in nearly two weeks with its 50-day moving average (94.32) looming above.
  • ServiceNow (NOW 464.95, +14.18, +3.2%): rising back above its 50-day moving average (462.75).
  • Adobe (ADBE 394.35, +10.72, +2.8%): rising for the fourth consecutive day toward its 50-day moving average (400.06).
  • Microsoft (MSFT 264.63, +6.11, +2.4%): rising toward its 50-day moving average (270.10).
  • NVIDIA (NVDA 143.09, +3.19, +2.3%): extending its bounce off its lowest level since April 2021.
  • Lam Research (LRCX 447.90, +8.74, +2.0%): approaching its 50-day moving average (459.18).
  • Intel (INTC 31.26, +0.51, +1.6%): rising off its lowest level since May 2016.
  • Texas Instruments (TXN 170.94, +2.53, +1.5%): rising back above its 50-day moving average (168.88) toward its 200-day moving average (174.10).
  • Apple (AAPL 156.50, +2.04, +1.3%): rising toward its 50-day moving average (158.08).
  • Cisco (CSCO 45.82, +0.45, +1.0%): rising to a one-week high.
  • Enphase Energy (ENPH 298.78, -18.63, -5.9%): weakest performer in the sector, backtracking from a record high. Guggenheim downgraded the stock to Neutral from Buy.

Source:

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