Morning Market:
Dow 52662.81 +4.17 (0.01%)
Nasdaq 26077.95 -212.28 (-0.81%)
SP 500 7553.28 -19.12 (-0.25%)
10-yr Note
NYSE Adv 1448 Dec 1020 Vol 111.02 mln
Nasdaq Adv 1381 Dec 2193 Vol 1.74 bln
Industry Watch
Strong: Health Care, Consumer Staples, Real Estate, Energy, Utilities, Materials
Weak: Information Technology, Communication Services
Moving the Market
–Semiconductors see an extension of yesterday’s weakness, some rotational strength in the broader market helping offset losses
–UnitedHealth (UNH) sharply higher after earnings, helping DJIA stay near unchange level
Semiconductors slide, broader market sees rotational strength
After another volatile showing from SK hynix Inc.’s (SKHY 164.32, -12.14, -6.88%) SKHY’s Korean-listed shares overnight, memory names such as Sandisk (SNDK 1512.85, -102.15, -6.33%) are facing sharp losses again today.
A host of other semiconductor names, including Corning (GLW 162.15, -12.26, -7.03%) face similar losses, and the PHLX Semiconductor Index is down 2.8%, putting pressure on the top-weighted information technology sector (-1.6%).
Elsewhere, investors are rotating into more defensive-oriented pockets of the market, with the health care (+2.5%) and consumer staples (+1.9%) sectors sporting wide gains. UnitedHealth (UNH 451.97, +33.45, +7.99%) trades sharply higher after topping earnings expectations, helping the DJIA outpace the other major averages.