S&P500 +55 to 4836, breaking above resistance at 4800 to new all time highs .....
briefing -
Stocks are having a strong showing so far today. The three major indices are all trading near session highs, which has the S&P 500 above its all-time closing high (4,796) and tracking toward its all-time intraday high (4,818).
Carryover strength in semiconductor stocks has boosted the broader market. The PHLX Semiconductor Index (SOX) is up 2.7% with nearly every component trading higher. NVIDIA (NVDA 587.87, +16.80, +2.9%), and other SOX components, reached new 52-week highs this session.
Today's positive bias also stems from favorable reactions to some earnings news, like Dow component Travelers (TRV 208.22, +9.87, +5.0%), which is up 5.0% following above-consensus earnings and revenue.
Interestingly, market breadth is negative despite gains in all the major indices and a 0.3% gain in the Invesco S&P 500 Equal Weight ETF (RSP). Decliners have a roughly 11-to-10 lead over advancers at both the NYSE and the Nasdaq.
Seven of the S&P 500 sectors trade up while four trade down. The heavily-weighted information technology sector (+1.6%) is the top performer thanks to strength in its semiconductor and mega cap constituents. The communication services (+1.2%) and financial (+1.1%) sectors are also up more than 1.0%.
The utilities (-0.6%) and materials (-0.3%) sectors are the weakest performers so far.
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