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Late Equity Roundup: Alphabet Spells Weakness


Major indexes holding near midday lows in late trade, Communication Services sector still weighing on broader mkt. SPX eminis currently trades -45 (-1.08%) at 4130.5; DJIA -196.47 (-0.58%) at 33960.51; Nasdaq -193.6 (-1.6%) at 11919.87.

  • SPX leading/lagging sectors: Communication Services (-4.05%) underperforming particularly interactive media and services w/ Alphabet shares, formerly Google (GOOG) trading -7.38%, apparently in negative reaction to AI "Bard" presentation in Paris this morning in comparison to Microsoft's BING AI. Other shares in the sector META -3.23%, MTCH -2.27%. Utilities (-1.63%) and Information Technology (-1.08%) hardware and chip makers weighing on the latter (JKHY -9.42%, PAYC -7.04%, TRMB -5.25%) with Fortinet surging 10.38%.
  • Leaders: Health Care (-0.12%) lead by equipment/services shares (CVS +4.52%, HUM +2.28%, CNC +3.25%), Real Estate (-0.21%) and Financials (-0.37%) followed, insurance shares leading the former.
  • Dow Industrials Leaders/Laggers: Pulling ahead late, United Health (UNH) +5.74 at 482.62, Goldman Sachs (GS) +1.20 at 375.60, Merck (MRK) +0.96 at 106.64. Laggers: Home Depot (HD) -4.91 at 320.29, McDonalds (MCD) -4.07 at 263.27, Chevron (CVX) -4.01 at 170.08, Honeywell (HON) -3.92 at 201.55.

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