Fun and games on the rise: Midweek sector check

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High angle view of a group of spectators sitting in a movie theater wearing 3-D glasses

The S&P 500 is up fractionally on the week as investors target some newer areas of the market. Here’s a breakdown of the best- and worst- performing industry groups at the half-way point:

Winners:

  • Media is the biggest gainer, led by 10 percent surges in Twenty-First Century Fox (FOXA) and Discovery (DISCA). A judge’s decision letting AT&T (T) buy Time Warner (TWX) last night is spurring hopes of more buyouts in the sector.
  • Software and video-game makers are on the rise. While there aren’t a ton of immediate catalysts in the software space, several reported strong earnings in May. Video games are enjoying buzz from the E3 trade show that ends today.
  • Internet and e-commerce stocks have been rising. Twitter (TWTR) is the most prominent, but Grubhub (GRUB), Carvana (CVNA), Netflix (NFLX) and Snap (SNAP) have added at least 4 percent on the week. The biggest players like Alphabet (GOOGL), Amazon.com (AMZN) and Facebook (FB) have risen less than the smaller names.

Losers:

  • Banks are down more than 2 percent, but that could change after the Federal Reserve’s interest-rate announcement this afternoon.
  • Energy stocks continue to pull back from highs as investors grapple with uncertainty before OPEC’s June 22 meeting.
  • Home builders are down more than 2 percent, giving back some of last week’s gains.
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