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Equities Roundup: Profit Taking in IT Sector Weighing

US STOCKS
  • Stocks are trading weaker, extending lows into midday with Information Technology and Consumer Discretionary sector shares underperforming. Currently, DJIA is down 248.14 points (-0.64%) at 38742.97, S&P E-Minis down 42 points (-0.82%) at 5096, Nasdaq down 237.6 points (-1.5%) at 15969.74.
  • Laggers: Though Apple shares traded weaker (-2.94%) after headlines reported a 25% drop in iPhone sales in China, they were not the worst performer in the first half. Software, services and hardware shares led the selloff: Intel -4.8%, Synopsys -4.66%, Intuit -4.65%. Incidentally, chip stocks drew some profit taking after leading Eminis to new contract highs late Tuesday, Nvidia and Applied Materials only traded -0.25%.
  • Automakers weighed on the Consumer Discretionary sector for the second day running, led by Tesla again -4.5%, while Ford traded -1.61%, GM -1.34%.
  • Leading Gainers: Energy and Consumer Staples sectors outperformed in the first half, oil and gas shares buoyed the former despite crude trading weaker (WTI -0.65 at 78.09): Devon Energy +2.14%, Targa Resources +1.85%, Phillips 66 +1.56%.
  • Meanwhile, sales and distribution shares supported the Consumer Staples sector, particularly Target +11.14% after beating earnings estimates this morning. Dollar General +3.21%, Walgreens Boots Alliance +2.5%.
  • The earnings cycle has largely run it's course, but there are a few notable names to still announce: Crowdstrike Holdings late Tuesday, Foot Locker Abercrombie & Fitch, Kroger and Burlington Stores Early Wednesday.
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