Morning Market
Dow 52586.46 +376.38 (0.72%)
Nasdaq 24682.40 -270.69 (-1.08%)
SP 500 7399.59 -13.59 (-0.18%)
10-yr Note
NYSE Adv 1529 Dec 1011 Vol 174.34 mln
Nasdaq Adv 1537 Dec 2253 Vol 2.82 bln
Industry Watch
Strong: Consumer Staples, Health Care, Materials, Real Estate, Utilities
Weak: Information Technology, Industrials
Moving the Market
–Pronounced weakness across semiconductor stocks
–Broad strength elsewhere, DJIA outperforms after latest batch of earnings
Rotation out of semiconductors intensifies
The information technology sector (-2.5%) is one of just two S&P 500 sectors that trade lower this morning, pressured by a 5.4% slide in the PHLX Semiconductor Index. Memory names, AI-infrastructure names, and large chipmakers are all under pressure, while Corning (GLW 116.34, -27.02, -18.85%) holds the widest loss after earnings.
Coca-Cola (KO 89.38, +5.32, +6.32%) and Sherwin-Williams (SHW 352.74, +25.47, +7.78%) trade sharply higher after earnings, contributing to the outperformance of the DJIA. The S&P 500 Equal Weighted Index (+0.7%) also outperforms this morning, highlighting that weakness is concentrated in large technology stocks.