Reuters
2024.02.23 15:40
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LIVE MARKETS-Wall Street indexes gain but utilities takes lead from tech

Wall Street indexes gain, with utilities taking the lead from tech. The S&P 500 utilities sector is up 1% and leading the benchmark's 11 industry group. The S&P technology sector has shuffled to the middle of the pack. The Nasdaq is close to achieving a record closing high. Energy is the weakest sector, while consumer discretionary is also declining. Nvidia is among the biggest advancers in the chip sector.

Dow, S&P 500 modestly green, Nasdaq edges up

Utilities lead S&P 500 sector gainers; energy weakest group

Euro STOXX 600 index up ~0.5%

Dollar flat; gold edges up; crude, bitcoin both down

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WALL STREET INDEXES GAIN BUT UTILITIES TAKES LEAD FROM TECH

Wall Street’s three major indexes started Friday’s session with gains, but the S&P 500 utilities sector (.SPLRCU) has taken over the lead from tech (.SPLRCT) , even though the high-flying index hit a record intraday high for the second day in a row.

Chip-sector darling Nvidia (NVDA.O) is among its biggest advancers as investors keep putting hopes, but at a slower pace,

into artificial intelligence related technology.

The S&P 500 (.SPX) and Dow Jones Industrial Average (.DJI) had both surged to record closing highs on Thursday, as investors snapped up growth and technology stocks following Nvidia’s bumper earnings report and financial outlook.

While Nasdaq came close, but ultimately fell short of achieving a record closing high on Thursday, if it closed at Friday’s peak so far it would achieve the milestone which has eluded it since November 2021. Of course the trading day is young.

The defensive utilities sector is up 1% and leading the benchmark’s 11 industry group after being the sole loser on Thursday.

The S&P technology sector has shuffled to the middle of the pack after starting Friday’s session as the biggest percentage gainer, and the Philadelphia semiconductor index (.SOX) has turned red after earlier hitting a intraday record high.

The benchmark’s weakest sector out of 11 is energy (.SPNY) , which is off more than 0.5%.

Consumer Discretionary (.SPLRCD) is the benchmark’s other sector decliner with Booking Holdings (BKNG.O) leading losses after its quarterly report. Other travel stocks are down in sympathy.

Here is your snapshot from 1029 EST (1529 GMT):

(Sinéad Carew)

FOR FRIDAY’S EARLIER LIVE MARKETS POSTS:

NASDAQ COMPOSITE: JUST A HOP, SKIP AND JUMP FROM NEW HIGH - CLICK HERE

CHINESE EQUITIES LOOK UP - CLICK HERE

RIGHT NOW, IT’S ALL ABOUT NVIDIA - CLICK HERE

STOXX SET FOR 5TH WEEK OF GAINS LED BY TECH, EARNINGS - CLICK HERE

TECH EUPHORIA SUPPORTS EUROPEAN FUTURES - CLICK HERE

TECH STOCKS CAN’T, WON’T STOP - CLICK HERE

Wall St gains but at a slower pace