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Equity Roundup: IT/Semiconductor Shares Weighing

US STOCKS

Stock indexes kick off the new month trading weaker, SPX eminis back to mid-July levels with Information Technology and Materials sectors weighing. Currently, SPX eminis trade -38 (-0.96%) at 3918.5; DJIA -106.14 (-0.34%) at 31404.59; Nasdaq -239.5 (-2%) at 11577.17.

  • SPX midmorning low of 3904.75 an extension of the current bear cycle. This reinforces the bearish theme and signals scope for a continuation with attention on 3902.01 next, a Fibonacci retracement. Clearance of this level would strengthen bearish conditions as the contract moves further away from the 50–day EMA. Initial firm resistance is seen at the 50-day EMA which intersects at 4077.44.
  • SPX leading/lagging sectors: Utilities sector outperformed (+1.03%) lead by Southern Companies (SO) +1.97%, American Electric (AEP) +1.84, Consolidated Edison (ED) +1.74%.; Health Care +0.60% and Consumer Staples +0.32% follow. Laggers: As noted Information Technology -2.24% and Materials -2.13% underperformed, semiconductors weighing on the latter (Nvidia -11.64%, Monolithic Power -10.0%, AMD -6.74%, AMAT -4.84%).
  • Dow Industrials Leaders/Laggers: Amgen (AMGN) adding to midweek gains +3.45 at 243.75, JNJ +3.28 at 164.62, McDonalds (MCD) +2.99 at 255.27. Laggers: Boeing (BA) -8.84 at 151.41, Microsoft (MSFT) -5.09 at 256.38, Salesforce.Com (CRM) adding to Wed selloff -4.27 at 151.85.

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