Late Equity Roundup: Sour Apple Weighs

Stocks trading modestly weaker in late trade, extending session lows after trading modestly higher for much of the session. The reversal coincided with headlines that Apple plans to slow hiring expenditures for some teams next year. Currently, SPX eminis trading -13.25 (-0.34%) at 3851.75; DJIA -85.08 (-0.27%) at 31203.11; Nasdaq -37.6 (-0.3%) at 11415.08.

• It's not much of a trigger, but enough during thin summer trade where initial support for stocks seemed ephemeral. Early bid as Q2 earnings annc's resumed: large beat for Goldman Sachs at $7.73 vs. $6.647 est, Charles Schwab beat: $0.97 vs. $0.902 est, Bank of America miss: $0.73 vs. $0.746 est.; Synchrony (SYF; $1.60 vs. $1.445 est) and Prologos (PLD; $1.11 vs. $1.108 est) also outpaced.
• IBM reports after the close: $2.288 est. Earnings expected Tuesday: JNJ and Netflix.
• SPX leading/lagging sectors: Energy sector outperforming (+2.45%) with crude rallying (WTI +5.07 at 102.66), Consumer Discretionary next up (+0.96%) with autos/auto parts trimming earlier gains but still outperforming: BorgWarner (BWA) +1.75%, Tesla (TSLA) +1.69% -- Tesla earnings this Wednesday. Laggers: Health Care (-1.44%), Communication Services (-0.80%) and Utilities (-0.74%),
• Dow Industrials Leaders/Laggers: Goldman Sachs (GS) +5.69 at 299.56, Chevron (CVX) +2.27 at 139.91 and Salesforce Inc (CRM) +2.15 at 169.53. Laggers: United Health (UNH) -5.87 at 523.88, JNJ -2.85 at 175.38, Amgen (AMGN) -3.35 at 245.34.