Tech ‘FAANG’s’ Lagged, Weighing on the Broad Market
The top-weighted technology sector (-3.4%) pushed the major averages down Friday afternoon with the S&P 500 now showing a loss of 0.1%.
Just 4 of the 11 sectors traded in negative territory, and the top-weighted technology group (-2.7%) finished lower.
However, the financials and energy sectors have helped keep the broader market’s loss in check with big gainers of 1.3% and 2.1%, respectively. The influential healthcare sector also outperforms, adding 0.6%.
Some of Y 2017’s top-performers YTD sold off posting losses between 2.3% and 3.9%. including:
- Apple(AAPL 148.98, -6.01)
- Microsoft (MSFT 70.32, -1.63)
- Amazon (AMZN 978.31, -31.96)
- Alphabet (GOOGL 970.12, -34.16)
- Facebook (FB 149.63, -5.08)
Chipmakers made matters worse, seen in the 4.3% decline in the PHLX Semiconductor Index. NVIDIA (NVDA 149.60, -10.34) showed weakness (-6.5%) on the day.
Shares of Apple Inc. fell more than 3% Friday after it was reported that iPhones launched later this year will use modem chips with slower download speeds than some rival Smartphones.
Apple is widely expected to upgrade its iPhone this year, which marks the device’s 10th anni, and suggestions that its technology will lag the performance of high-end Smartphones running Alphabet Inc.’s (NASDAQ:GOOGL) Android system could hurt its sales.
An Apple spokesman did not immediately respond to a request for comment.
Friday, the US major stock market indexes finished at: DJIA +89.44 at 21271.97, NAS Comp -113.85 at 6207.89, S&P 500 -2.02 at 2431.77
Volume: Trade on the NYSE came in at 984.2-M/shares exchanged.
- NAS Comp +15.3% YTD
- S&P 500 +8.6% YTD
- DJIA +7.6% YTD
- Russell 2000 +4.8% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Bullish (0.43)||Bullish (0.35)||Bullish (0.42)||Very Bullish (0.51)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.25)||Bullish (0.31)||Neutral (0.19)||Bullish (0.25)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.35)||Neutral (0.15)||Bullish (0.31)||Very Bullish (0.58)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.35)||Bearish (-0.37)||Bearish (-0.40)||Bearish (-0.29)|
|HeffX-LTN Analysis for AAPL:||Overall||Short||Intermediate||Long|
|Neutral (0.23)||Neutral (-0.07)||Neutral (0.23)||Very Bullish (0.54)|
Have a terrific weekend.
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