Morning Market
Dow 53416.29 -43.49 (-0.08%)
Nasdaq 26370.90 -295.04 (-1.11%)
SP 500 7709.51 -35.55 (-0.46%)
10-yr Note
NYSE Adv 1136 Dec 1366 Vol 115.44 mln
Nasdaq Adv 1398 Dec 2244 Vol 1.67 bln
Industry Watch
Strong: Health Care, Energy, Consumer Staples, Utilities, Real Estate, Financials
Weak: Information Technology, Industrials, Consumer Discretionary
Semiconductors leading the market lower
The information technology sector (-1.9%) is firmly lower, with the PHLX Semiconductor Index (-5.0%) giving back yesterday’s gain and much more.
Coherent (COHR 316.00, -35.22, -10.03%) is the worst-performing S&P 500 component, while memory names are also sharply lower after a solid showing yesterday.
Mega-cap tech outside of the information technology sector also remains under pressure, with Meta Platforms (META 547.47, -21.50, -3.78%) facing another steep loss ahead of a child social media trial that is slated to begin opening arguments today. The Vanguard Mega Cap Growth ETF is down 1.1%.
S&P 500 Equal Weighted Index (+0.1%) clings to a slight gain as much of the broader market recovers from a weak showing yesterday. The defensive health care (+1.7%), consumer staples (+1.0%), and utilities (+0.8%) sectors are standouts amid the weakness in technology.
The energy sector (+1.1%) also moves higher amid a bump in oil prices, with crude oil currently up $0.60 (+0.7%) to $84.34 per barrel.