S&P 500 reverses early session gains, falls back from above 4400 to low 4300s in choppy trade By Frank_Macro SP500 Equities
the red in the low 4300s. At current levels around 4320, the index trades lower by about 0.6% on the day. The Nasdaq 100 and Dow indices have seen similarly choppy trading conditions, with both also reversing sizeable gains earlier in the session to slip into the red. The Nasdaq 100 index is now down about 1.0% on the day and probing the 14K level again for a third successive session, while the Dow has reversed from earlier highs in the 34.
Looking at the S&P 500 GICS sector performance, there is a clear defensive bias, with Utilities and Consumer Staples leading. Most other sectors are either flat or in the red, aside from the big tech-dominated Communication Services sector, which is about 0.25% higher. The comparatively decent performance of this sector versus the likes of the Information Technology and Consumer Discretionary sectors highlights some interesting rotation going on under the surface.
Elsewhere, the semiconductor subindex within the Information Technology sector is getting battered in wake of poor Intel earnings, with the co. also warning about supply chain issues. The PHLX Semiconductor Index is down nearly 5.0% on the day. Elsewhere, despite the downbeat tone in most non-defensive equity sectors, large-cap techhave been doing well +0.4%).
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