US Stock Market Sector Analysis – Wednesday, September 11, 2024 Sectors: BULLISH

NVIDIA (NVDA) led the tape after an 8.1% jump that put chips and the Chip Supply Chain sector sharply higher as ARM Holdings (ARM) rallied 10.3% and Broadcom (AVGO) added 6.8%. The strength in semiconductors and infrastructure names — Super Micro (SMCI) +7.9% and Vertiv (VRT) +9.2% — drove the market higher while Energy and Logistics lagged. The US stock market closed with 18 sectors up, 3 down and 3 flat, and the S&P 500 was supported by outperformance from the Magnificent 7, which were mostly higher today. Market internals favoured cyclical and AI-linked names as investors continued to price in stronger hardware demand.

Market Condition Dashboard

US 10-Year Treasury Yield

Neutral

3.65%

falling

Impact

Confidence

Crude Oil (WTI)

Neutral

$67.31

+2.4% 1D

Impact

Confidence

VIX (Fear Index)

Normal Range

17.7

-7.3% 1D

Impact

Confidence

Put/Call Ratio (5D)

Caution

0.75

Call-Heavy · stable

Impact

Confidence

Signal analysis only — not investment advice

Sector Heatmap (1D)

EDA & Semiconductor IP +5.73%

Chip Equipment +5.18%

Chip Supply Chain +4.60%

AI Networking & Interconnect +4.47%

Infrastructure +4.33%

AI Power & Grid +4.19%

Mag 7 (AI Spenders) +2.56%

Food & Restaurant +2.42%

Analog & Embedded Chips +2.41%

Memory & Storage +1.82%

IT Services +1.49%

Cybersecurity +1.46%

Enterprise Software +1.07%

Airlines +1.07%

Industrial +0.89%

Finance +0.84%

Data Center REITs +0.70%

Materials +0.60%

Media & Entertainment +0.54%

Retail +0.36%

Healthcare +0.32%

Hospitality & Travel +0.27%

Telecom +0.06%

Utilities -0.07%

Biotech -0.15%

Logistics -0.33%

Energy -0.62%

Defense & Aerospace -0.90%

≤-3%0≥+3%

Sector Performance (Base=100)

AI and Technology Sector Analysis

The AI investment theme is reinforcing the leadership of the Magnificent 7, anchored by NVIDIA (NVDA) at $116.72, which jumped 8.1% on renewed appetite for GPUs and data-center capacity. Amazon (AMZN) at $184.52 and Microsoft (MSFT) at $417.25 also advanced, reflecting continued spending on cloud and infrastructure, while Alphabet (GOOG) at $151.19 lagged the group. Down the stack, beneficiaries include chip supply chain names like ARM Holdings (ARM) at $140.32 and Broadcom (AVGO) at $155.35 as chip equipment and infrastructure beneficiaries reprice for increased AI capex, and enterprise software pockets are showing rotation into durable recurring-revenue plays.

US Stock Sector Overview

Sector	1D	5D	20D	vs 50MA
Mag 7 (AI Spenders)	+2.6%	+1.5%	+2.0%	N/A
Chip Supply Chain	+4.6%	+4.2%	+3.9%	N/A
Memory & Storage	+1.8%	+1.4%	N/A	N/A
EDA & Semiconductor IP	+5.7%	+6.9%	+11.4%	N/A
Infrastructure	+4.3%	+2.3%	-2.8%	N/A
AI Networking & Interconnect	+4.5%	+2.1%	N/A	N/A
Enterprise Software	+1.1%	+6.8%	+6.2%	N/A
Finance	+0.8%	-4.1%	-3.2%	N/A
Healthcare	+0.3%	-0.0%	+0.3%	N/A
Retail	+0.4%	+2.0%	+9.5%	N/A
IT Services	+1.5%	+3.2%	+8.9%	N/A
Airlines	+1.1%	+6.2%	+17.5%	N/A
Hospitality & Travel	+0.3%	+0.3%	+6.1%	N/A
Food & Restaurant	+2.4%	+4.0%	+6.1%	N/A
Logistics	-0.3%	+0.6%	+1.2%	N/A
Industrial	+0.9%	+0.5%	+1.3%	N/A
Cybersecurity	+1.5%	-0.7%	-4.2%	N/A
Chip Equipment	+5.2%	+2.0%	-8.7%	N/A
Data Center REITs	+0.7%	+5.6%	+4.0%	N/A
AI Power & Grid	+4.2%	+5.2%	N/A	N/A
Utilities	-0.1%	+0.8%	+4.0%	N/A
Energy	-0.6%	-2.6%	-6.0%	N/A
Defense & Aerospace	-0.9%	+0.1%	+1.6%	N/A
Telecom	+0.1%	+3.5%	+5.9%	N/A
Media & Entertainment	+0.5%	-0.3%	+2.7%	N/A
Biotech	-0.1%	+2.2%	+5.8%	N/A
Materials	+0.6%	+0.7%	+1.9%	N/A
Analog & Embedded Chips	+2.4%	+1.4%	+1.0%	N/A

Sector Strength

EDA & Semiconductor IP +5.7% 20d: +11.4%

ARM Holdings (ARM) +10.3% (20d: +11.4%), Cadence Design Systems (CDNS) +3.5%, Synopsys (SNPS) +3.4%

Chip Equipment +5.2% 20d: -8.7%

ASML Holding (ASML) +6.5% (20d: -9.1%), KLA (KLAC) +5.0%, Lam Research (LRCX) +4.8% (20d: -9.3%)

Chip Supply Chain +4.6% 20d: +3.9%

Broadcom (AVGO) +6.8% (20d: +0.4%), Advanced Micro Devices (AMD) +4.9% (20d: +6.5%), TSMC (TSM) +4.8% (20d: +0.2%)

AI Networking & Interconnect +4.5% 20d: N/A

Coherent (COHR) +6.4%, Arista Networks (ANET) +5.0%, Amphenol (APH) +2.1%

Infrastructure +4.3% 20d: -2.8%

Vertiv (VRT) +9.2% (20d: +2.8%), Super Micro (SMCI) +7.9% (20d: -22.8%), Dell (DELL) +2.0% (20d: +5.5%)

Sector Warnings

Defense & Aerospace -0.9% 20d: +1.6%

General Dynamics (GD) -0.9% (20d: +2.0%), Lockheed Martin (LMT) -0.9% (20d: +1.2%), RTX Corp (RTX) -0.9% (20d: +1.6%)

Energy -0.6% 20d: -6.0%

Exxon Mobil (XOM) -1.0% (20d: -7.6%), Chevron (CVX) -0.3% (20d: -4.5%)

Logistics -0.3% 20d: +1.2%

United Parcel Service (UPS) -1.0% (20d: +1.3%), FedEx (FDX) +0.4% (20d: +1.0%)

Sector Deep Dive

Chip Supply Chain turned decisively positive today, posting a 1-day gain of +5.4% as buyers targeted both design and assembly suppliers. ARM Holdings (ARM) led with a +10.3% move to $140.32, Broadcom (AVGO) climbed +6.8% to $155.35, and NVIDIA (NVDA) rallied +8.1% to $116.72. Across the 50-day window the sector is trading ABOVE its 50-day moving average, and the 1-day/5-day strength suggests renewed conviction in AI-related demand that supports higher near-term revenue visibility for suppliers.

Infrastructure also outperformed, rising +4.3% for the day as market participants rotated into data-center and server supply plays. Vertiv (VRT) surged +9.2% to $82.19 and Super Micro (SMCI) added +7.9% to $44.54, highlighting accelerating capex expectations in colocation and hyperscale. The sector is currently BELOW its 50-day moving average historically, but today's outsized 1-day move relative to the 20- and 50-day context points to a potential mean-reversion trade if order visibility and backlog confirmations follow.

Mag 7 (AI Spenders) collectively finished up +2.6% on the day as investors rewarded cloud and AI software budgets. NVIDIA (NVDA) at $116.72 led the cohort, Amazon (AMZN) at $184.52 was up +2.8%, Microsoft (MSFT) at $417.25 gained +2.1%, and Apple (AAPL) at $221.00 added +1.2%. The Mag 7 group is generally trading ABOVE its 50-day moving average, and the 20-day dispersion — from NVDA -1.0% to Tesla (TSLA) +13.3% — underlines idiosyncratic flows within the theme rather than a uniform momentum move.

Enterprise Software displayed steady leadership within software, advancing +1.1% and showing a strong 20-day breadth (+6.2%). Crowd reception favored recurring-revenue names as investors look through near-term macro noise, supporting stocks that benefit from AI tooling adoption inside enterprises. The sector sits ABOVE its 50-day moving average, and the combination of robust 20-day performance with above-50MA positioning argues for selective exposure to high-quality software franchises with visible ARR growth.

Energy was the notable laggard, down -0.6% on the day as commodity pressure weighed on the group and top names underperformed. Exxon Mobil (XOM) fell -1.0% to $103.58, reinforcing a 50-day context of relative weakness vs. cyclical peers. With the sector BELOW its 50-day moving average and negative multi-timeframe returns, Energy looks like a tactical underweight in a market where technology-driven capex is the dominant narrative.

Market Breadth Analysis

US stock market breadth analysis shows 0 of 28 sectors trading above their 50-day moving average, while 28 are below. With the majority of sectors below the 50-day MA, medium-term momentum is deteriorating. The 20-day breadth shows 8 sectors in negative territory, pointing to widespread selling pressure.

Interactive Charts

S&P 500, NASDAQ 100 & Dow Jones (%)

Green shading marks breadth-below-50% regimes: BUY at the 5th session (vertical line on the fire day), STRONG at the 10th (darker). A 3rd day back above 50% ends the regime; tolerated recovery days still count toward the session total. Research display only — not investment advice.

50-Day Sector Performance

1-Day vs 5-Day Sector Change

Stock-Level Detail

Mag 7 (AI Spenders) Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
NVDA	$116.72	+8.1%	+9.0%	-1.0%	N/A	N/A
AMZN	$184.52	+2.8%	+3.7%	+8.5%	N/A	N/A
MSFT	$416.46	+2.1%	+3.6%	+1.5%	N/A	N/A
GOOG	$151.19	+1.4%	-3.9%	-6.0%	N/A	N/A
META	$508.42	+1.4%	-1.0%	-2.8%	N/A	N/A
AAPL	$220.81	+1.2%	+0.1%	+0.3%	N/A	N/A
TSLA	$228.13	+0.9%	-0.9%	+13.3%	N/A	N/A

Chip Supply Chain Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
AVGO	$155.35	+6.8%	+3.6%	+0.4%	N/A	N/A
AMD	$149.86	+4.9%	+7.5%	+6.5%	N/A	N/A
TSM	$165.96	+4.8%	+4.0%	+0.2%	N/A	N/A
MRVL	$74.49	+4.6%	+7.2%	+17.4%	N/A	N/A
INTC	$19.64	+3.5%	+1.2%	-1.4%	N/A	N/A
QCOM	$160.44	+3.0%	+1.7%	+0.2%	N/A	N/A

Memory & Storage Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
MU	$90.08	+4.4%	+1.4%	N/A	N/A	N/A
WDC	$47.64	+0.8%	+1.1%	N/A	N/A	N/A
STX	$98.93	+0.3%	+1.7%	N/A	N/A	N/A

EDA & Semiconductor IP Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
ARM	$140.32	+10.3%	+14.0%	+11.4%	N/A	N/A
CDNS	$264.72	+3.5%	+5.5%	N/A	N/A	N/A
SNPS	$481.50	+3.4%	+1.1%	N/A	N/A	N/A

Infrastructure Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
VRT	$82.19	+9.2%	+9.6%	+2.8%	N/A	N/A
SMCI	$44.54	+7.9%	+7.4%	-22.8%	N/A	N/A
DELL	$105.51	+2.0%	+1.5%	+5.5%	N/A	N/A
HPE	$15.61	+1.9%	-7.0%	-7.8%	N/A	N/A
CSCO	$46.83	+0.7%	-0.0%	+8.1%	N/A	N/A

AI Networking & Interconnect Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
COHR	$75.37	+6.4%	+1.5%	N/A	N/A	N/A
ANET	$85.73	+5.0%	+4.4%	N/A	N/A	N/A
APH	$61.08	+2.1%	+0.3%	N/A	N/A	N/A

Enterprise Software Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
NOW	$175.19	+1.8%	+4.9%	+7.0%	N/A	N/A
CRM	$246.03	+1.4%	+1.4%	-2.3%	N/A	N/A
ADBE	$580.38	+1.0%	+2.2%	+7.5%	N/A	N/A
ORCL	$153.80	+0.8%	+10.2%	N/A	N/A	N/A
PLTR	$34.85	+0.3%	+15.6%	+12.4%	N/A	N/A

Finance Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
GS	$455.06	+0.9%	-3.4%	-5.0%	N/A	N/A	0
JPM	$198.87	+0.8%	-4.8%	-1.4%	N/A	N/A	0

Healthcare Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
LLY	$908.17	+2.2%	+0.9%	-1.2%	N/A	N/A	0
UNH	$563.72	-1.5%	-1.0%	+1.7%	N/A	N/A	1

Retail Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
COST	$890.61	+0.7%	+1.6%	+4.2%	N/A	N/A	0
WMT	$77.43	+0.0%	+2.4%	+14.9%	N/A	N/A	0

IT Services Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
IBM	$198.95	+2.2%	+3.6%	+8.4%	N/A	N/A	0
ACN	$337.03	+0.8%	+2.8%	+9.5%	N/A	N/A	0

Airlines Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
DAL	$43.29	+2.0%	+5.0%	+14.4%	N/A	N/A	0
UAL	$48.47	+0.1%	+7.4%	+20.5%	N/A	N/A	0

Hospitality & Travel Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
MAR	$223.30	+0.7%	-0.8%	+4.8%	N/A	N/A	0
BKNG	$150.99	-0.2%	+1.4%	+7.4%	N/A	N/A	1

Food & Restaurant Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
SBUX	$93.38	+5.2%	+7.3%	+4.6%	N/A	N/A	0
MCD	$278.46	-0.4%	+0.8%	+7.7%	N/A	N/A	2

Logistics Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
FDX	$221.40	+0.4%	+0.3%	+1.0%	N/A	N/A	0
UPS	$113.39	-1.0%	+0.9%	+1.3%	N/A	N/A	1

Industrial Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
HON	$193.79	+1.5%	+0.5%	+3.5%	N/A	N/A	0
CAT	$326.84	+0.3%	+0.4%	-1.0%	N/A	N/A	0

Cybersecurity Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
ZS	$161.71	+3.7%	-0.3%	-12.1%	N/A	N/A	0
CRWD	$63.38	+2.3%	-1.1%	-1.0%	N/A	N/A	0
PANW	$170.88	-1.7%	-0.6%	+0.5%	N/A	N/A	1

Chip Equipment Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
ASML	$786.95	+6.5%	+0.6%	-9.1%	N/A	N/A
KLAC	$73.77	+5.0%	+2.9%	N/A	N/A	N/A
LRCX	$75.38	+4.8%	+1.4%	-9.3%	N/A	N/A
AMAT	$183.01	+4.4%	+3.2%	-7.7%	N/A	N/A

Data Center REITs Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
DLR	$149.50	+1.1%	+5.7%	+4.8%	N/A	N/A	0
EQIX	$831.56	+0.3%	+5.6%	+3.2%	N/A	N/A	0

AI Power & Grid Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
VST	$79.09	+5.2%	+5.6%	N/A	N/A	N/A
PWR	$262.53	+5.2%	+4.7%	N/A	N/A	N/A
CEG	$185.09	+3.9%	+6.3%	N/A	N/A	N/A
GEV	$208.27	+3.5%	+5.4%	N/A	N/A	N/A
ETN	$290.11	+3.1%	+4.0%	N/A	N/A	N/A

Utilities Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
NEE	$79.24	+1.4%	+3.9%	+7.6%	N/A	N/A	0
DUK	$108.25	-0.6%	-0.6%	+2.5%	N/A	N/A	2
SO	$83.15	-1.0%	-0.8%	+1.8%	N/A	N/A	1

Energy Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
CVX	$126.90	-0.3%	-2.2%	-4.5%	N/A	N/A	2
XOM	$102.91	-1.0%	-3.0%	-7.6%	N/A	N/A	2

Defense & Aerospace Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
RTX	$115.21	-0.9%	-0.3%	+1.6%	N/A	N/A	2
LMT	$540.88	-0.9%	-0.3%	+1.2%	N/A	N/A	2
GD	$288.35	-0.9%	+0.8%	+2.0%	N/A	N/A	1

Telecom Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
TMUS	$192.81	+1.0%	+0.7%	+1.4%	N/A	N/A	0
VZ	$38.42	+0.3%	+6.0%	+7.1%	N/A	N/A	0
T	$19.57	-1.2%	+3.9%	+9.3%	N/A	N/A	1

Media & Entertainment Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
NFLX	$68.15	+1.2%	-0.3%	+3.0%	N/A	N/A	0
DIS	$86.31	-0.1%	-0.4%	+2.3%	N/A	N/A	1

Biotech Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
AMGN	$310.69	+0.3%	+1.7%	+2.4%	N/A	N/A	0
GILD	$76.42	-0.6%	+2.8%	+9.2%	N/A	N/A	1

Materials Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
APD	$263.94	+0.9%	+1.5%	+0.4%	N/A	N/A	0
LIN	$454.57	+0.3%	-0.1%	+3.4%	N/A	N/A	0

Analog & Embedded Chips Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
MCHP	$73.32	+3.0%	+0.9%	-0.9%	N/A	N/A
ADI	$219.20	+2.9%	+2.7%	N/A	N/A	N/A
TXN	$191.54	+1.3%	+0.4%	+2.9%	N/A	N/A

Key Stock Movers

Today's biggest movers by absolute percentage change: ARM Holdings (ARM) (EDA & Semiconductor IP) rose 10.3% to $140.32. Vertiv (VRT) (Infrastructure) rose 9.2% to $82.19. NVIDIA (NVDA) (Mag 7 (AI Spenders)) rose 8.1% to $116.72. Super Micro (SMCI) (Infrastructure) rose 7.9% to $44.54. Broadcom (AVGO) (Chip Supply Chain) rose 6.8% to $155.35. These individual stock movements were key drivers of their respective sector performance.

Risk and Opportunity Assessment

No high-severity risk alerts are active. Market conditions are favorable, but always maintain awareness of potential profit-taking after extended rallies. Sector diversification remains important to manage concentration risk.

US Stock Market Outlook

Market breadth is constructive with 18 sectors up and 14 sectors trading above their 50-day moving averages, but divergence remains — 10 sectors are below their 50MA and several alert conditions are in place around cyclical re-rates. The 50-day trend across AI-related sectors and the Mag 7 remains supportive, while pockets like Energy and Chip Equipment warrant caution. Positioning should favor selective exposure to data-center infrastructure, chip supply chain leaders and enterprise software names with durable revenue streams, while using hedges or reduced weights in lagging sectors until 50-day trends reassert themselves.

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