Aug. 17 at 5:10 PM
#FIRSTLOOK
$SPX The strength in chips is masking a considerably weaker showing beneath the surface. Eight S&P 500 sectors are lower, while the S&P 500 Equal Weight Index (-0.5%) trails its market-cap-weighted counterpart. Mega-cap stocks outside the semiconductor group are also under pressure, leaving the Vanguard Mega Cap Growth ETF down 0.3%. The communication services sector (-1.5%) holds the widest loss, with Meta Platforms (
$META 567.94, -21.91, -3.71%) under pronounced pressure ahead of opening arguments Tuesday in a child social-media addiction case.
The consumer staples (-1.2%) and consumer discretionary (-1.0%) sectors are also notable laggards. Alcoholic beverage names such as Constellation Brands (STZ) and Molson Coors (
$TAP) weigh on the former, while weakness across apparel and homebuilder stocks pressures the latter. NIKE (
$NIKE contributing to the DJIA's underperformance.
