Tech investors will watch the aftermath of the steep drop in semiconductor stocks today. Yesterday, Broadcom (AVGO), AMD (AMD), and Intel (INTC) led the decline. Investors sold them, along with Applied Materials (AMAT), Western Digital (WDC), and Lam Research (LRCX), and bought the Magnificent 7 names instead.
Look out for Amazon (AMZN), Tesla (TSLA), and Apple (AAPL) to continue their rally today. Additionally, the rotation out of chip stocks into software application names might continue. ServiceNow (NOW), Intuit (INTU), Uber (UBER), and Salesforce (CRM) are among the most compelling names to trade.
In the financial sector, Citigroup (C) risks pulling back. The Anthropic IPO is still months away, while OpenAI may not list shares until next year. That would delay bank firms like Bank of America (BAC), Wells Fargo (WFC), and JPMorgan Chase (JPM) from collecting fees.
In the drug sector, watch AstraZeneca (AZN), Merck (MRK), AbbVie (ABBV), and Lilly (LLY). They might continue their breakout after Moderna (MRNA) and Merck announced strong clinical results for their mRNA-based vaccine for melanoma (skin cancer).
In energy, ExxonMobil (XOM) has a good chance of trading at new highs. The Strait of Hormuz continues to have little to no ship traffic. That lifts oil prices, helping XOM stock. Williams (WMB) and Chevron (CVX) are also attractive firms to consider.
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