Equity Roundup: Chip Makers Weighing on IT

Stocks trading weaker/off early session highs after strong data increased expectations of more (potentially larger) rate hikes from the Fed to rein in inflation. SPX eminis currently trading -21.25 points (-0.51%) at 4137; DJIA -165.91 (-0.49%) at 33961.81; Nasdaq -59.4 (-0.5%) at 12011.12.

• SPX leading/lagging sectors: Information Technology (-1.0%) underperformed, weighed by chip stocks (SEDG -4.85%, AMD -2.43%, KLAC -2.38%, ENPH -2.35%). Next up: Communication Services (-0.76%) and Real Estate (-0.70%) sectors, interactive media and services weighing on the former (MTCH -2.5, META -2.24%).
• Leaders: Energy (+0.10%) supported by O&G equipment and services shares (HAL +1.85%, BKR +1.70%, SLB +0.85%), followed by Materials (-0.15%) and Consumer Staples (-0.35%), construction materials shares underperforming (VMC -4.56%, MLM -2.0%).
• Dow Industrials Leaders/Laggers: Microsoft (MSFT) -4.11 at 265.21, Amgen (AMGN) -3.13at 236.94, MMM -2.27 at 112.52. Leaders: Cisco (CSCO) +2.81 at 51.26, United Health (UNH) +0.78 at 492.03, Apple (AAPL) +0.15 at 155.48
• Earnings after the close: HubSpot (HUBS, $0.83 est), Redfin (RDFN, -$1.01 est), Digital Reality Trust (DLR, $1.67 est), AMN Healthcare (AMN, $2.16 est), Applied Materials (AMAT, $1.94 est), Atlas Air Worldwide (AAWW, $5.20 est).