Stocks Supported by Strength in Megacap Tech and Chip Stocks

Economic Reports and Indicators - The US trade deficit for August decreased to -$59.6 billion from -$78.2 billion in July, better than the expected -$60.4 billion [2] - US MBA mortgage applications fell by -5.2% for the week ending November 14, with the purchase mortgage sub-index down -2.3% and refinancing sub-index down -7.3% [2] - The average 30-year fixed mortgage rate increased to 6.37% from 6.34% [2] Stock Market Performance - US stock indexes are mostly higher, with the S&P 500 Index up by +0.38% and the Nasdaq 100 Index up by +0.74% [5] - Nvidia's stock rose more than +2% ahead of its earnings results, which are seen as a bellwether for tech stock valuations [4] - Alphabet's stock increased by more than +5% after the debut of its AI model, Gemini, which executives claim shows significant advancements [3][13] Corporate Earnings - Q3 earnings for S&P 500 companies rose by +14.6%, exceeding expectations of +7.2% year-over-year, with 82% of companies reporting better-than-expected results [6] - La-Z-Boy Inc reported Q2 sales of $522.5 million, surpassing the consensus of $517.7 million, leading to a stock increase of more than +19% [14] - Lowe's raised its 2026 total sales forecast to $86.0 billion, above the consensus of $85.36 billion, resulting in a stock increase of more than +5% [15] Sector Performance - Semiconductor stocks are performing well, with Broadcom and Lam Research up more than +4% [11] - Energy producers are facing declines, with WTI crude oil prices down by more than -2%, affecting companies like APA Corp and Valero Energy, which are down more than -3% [12] - Constellation Energy's stock rose more than +5% as it plans to restart its Three Mile Island nuclear plant with $1 billion backing from the US government [13]