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EQUITIES: Chipmaker Stock Drop Helps S&P Erase Prior Session's Gains

EQUITIES
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Equities pulled back Tuesday, with the S&P 500 down 0.8% to 5,815.26, erasing all of its Monday gains as tech stocks dropped.

  • Semiconductors - which make up 12% of S&P weighting - fell nearly 4% as chipmaker ASML dropped 16% on poor earnings guidance, and NVidia dropped 5% on reported potential for US-government limits on chip sales overseas.
  • While tech stocks (-1.8%) contributed the most to the overall index's losses, energy shares dropped the most percentage-wise (-3%) as energy prices (WTI futs -4%) fell sharply on Israel-Iran de-escalation.
  • Healthcare stocks were the third notable underperforming sector, dropping 1.2% after disappointing Unitedhealth (1% of S&P weighting) earnings.
  • Real Estate, Consumer Staples, and Utilities all gained 0.5% or more.
  • At 5858.50, support for E-mini futures comes in at 5782.19/5724.00 (20-day EMA / Low Oct 2).
  • Elsewhere in indices: the NASDAQ underperformed (-1.0%) on its tech-heavy weighting, while the Dow fell 0.8% in line with the S&P.
  • Earnings Wednesday include Morgan Stanley - MNI schedule here (PDF).

 

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Equities pulled back Tuesday, with the S&P 500 down 0.8% to 5,815.26, erasing all of its Monday gains as tech stocks dropped.

  • Semiconductors - which make up 12% of S&P weighting - fell nearly 4% as chipmaker ASML dropped 16% on poor earnings guidance, and NVidia dropped 5% on reported potential for US-government limits on chip sales overseas.
  • While tech stocks (-1.8%) contributed the most to the overall index's losses, energy shares dropped the most percentage-wise (-3%) as energy prices (WTI futs -4%) fell sharply on Israel-Iran de-escalation.
  • Healthcare stocks were the third notable underperforming sector, dropping 1.2% after disappointing Unitedhealth (1% of S&P weighting) earnings.
  • Real Estate, Consumer Staples, and Utilities all gained 0.5% or more.
  • At 5858.50, support for E-mini futures comes in at 5782.19/5724.00 (20-day EMA / Low Oct 2).
  • Elsewhere in indices: the NASDAQ underperformed (-1.0%) on its tech-heavy weighting, while the Dow fell 0.8% in line with the S&P.
  • Earnings Wednesday include Morgan Stanley - MNI schedule here (PDF).

 

Keep reading...Show less