Early Support Evaporates

Stock indexes trading weaker at midday, earlier support from Information Technology and Consumer Discretionary sectors evaporating while Communication Services sector extends losses. SPX eminis currently trades -14.25 (-0.35%) at 4115.25; DJIA -83.21 (-0.25%) at 33864.51; Nasdaq -33.9 (-0.3%) at 11875.51.

• SPX leading/lagging sectors: Consumer Discretionary (+0.72%) and Information Technology (+0.61%) sectors paring first half gains. Consumer Discretionary still lead by automakers and parts suppliers w/ BorgWarner (+7.25%), Tesla (+5.81%), GM (+3.03%) and Ford (+2.27%). Meanwhile, semiconductor shares still supporting IT: Monolithic Power (MPWR) +11.0%, followed by ON Semiconductor Corp +3.84%, NVDA +3.15% Skyworks +2.41%.
• Laggers: Selling in Communication Services (-2.61%) accelerates, weighed Google -5.60%, the latter after AI "Bard" presentation in Paris drew negative comparisons to Microsoft's BING AI yesterday, IPG -4.11%, META -1.5%. Materials (-1.02%) and Utilities (-0.31%) follow, the former weighed by container/packaging shares, Sealed Air (SEE) -6.67%.
• Dow Industrials Leaders/Laggers: Salesforce (CRM) +5.10 at 174.73, United Health (UNH) +3.43 at 486.65, Disney (DIS) +1.97 at 113.75. Laggers: Boeing (BA) -2.29 at 211.21, Home Depot (HD) -1.98 at 318.81, IBM -1.78 at 134.20.