Tech ‘FAANG’s’ Lagged, Weighing on the Broad Market

Tech ‘FAANG’s’ Lagged, Weighing on the Broad Market

Tech ‘FAANG’s’ Lagged, Weighing on the Broad Market

$DIA, $SPY, $DIA, $VXX, $AAPL

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:

  1. Apple(AAPL 148.98, -6.01)
  2. Microsoft (MSFT 70.32, -1.63)
  3. Amazon (AMZN 978.31, -31.96)
  4. Alphabet (GOOGL 970.12, -34.16)
  5. 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.

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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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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