Nasdaq turns negative as megacaps and stay-at-home plays weaken
- The split in the market continues, with recovery stocks performing
best, but Big Tech and work-from-home plays are extending weakness,
cutting early gains for the Nasdaq (COMP) -0.1%.
- The S&P (SP500) +0.1% is barely higher and at the lows of the session.
- Communications Services (NYSEARCA:XLC) -0.9% is bringing up the rear
as videogame stocks, which rallied sharply at the end of last week,
giving
back some gains.
- The Fab 5 megacaps are all lower, with Apple -2.4% posting the biggest
decline.
- Energy (NYSEARCA:XLE) +4% is still the clear leader. Financials
(NYSEARCA:XLF) +1.5% and Industrials (NYSEARCA:XLI) +1.1%. Crude futures
+0.8% are approaching $43/barrel, a level that hasn't been seen since
late August.
- Occidental Petroleum +10% is the biggest gainer in the S&P and Gap +9%
is
seeing more love, with retail sales forecast to climb 3.6% to 5.2%.
- Newmont Mining -2% is the biggest decliner. Spot gold -2% is down to
around $1,832/oz., the lowest level in four months when gold was rallying
out of the pandemic lows.
|Today, 11:29 AM|1 Comment
- The split in the market continues, with recovery stocks performing
best, but Big Tech and work-from-home plays are extending weakness,
cutting early gains for the Nasdaq (COMP) -0.1%.
- The S&P (SP500) +0.1% is barely higher and at the lows of the session.
- Communications Services (NYSEARCA:XLC) -0.9% is bringing up the rear
as videogame stocks, which rallied sharply at the end of last week,
giving
back some gains.
- The Fab 5 megacaps are all lower, with Apple -2.4% posting the biggest
decline.
- Energy (NYSEARCA:XLE) +4% is still the clear leader. Financials
(NYSEARCA:XLF) +1.5% and Industrials (NYSEARCA:XLI) +1.1%. Crude futures
+0.8% are approaching $43/barrel, a level that hasn't been seen since
late August.
- Occidental Petroleum +10% is the biggest gainer in the S&P and Gap +9%
is
seeing more love, with retail sales forecast to climb 3.6% to 5.2%.
- Newmont Mining -2% is the biggest decliner. Spot gold -2% is down to
around $1,832/oz., the lowest level in four months when gold was rallying
out of the pandemic lows.
|Today, 11:29 AM|1 Comment
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