Social media stocks are under an avalanche of pressure, mostly in the form of regulatory threats, as Facebook tries to find an answer to questions about user information and its policies toward safeguarding everything, including the republic.

Facebook has lost $55 billion in market value in the past two sessions, and now Twitter is under pressure from news reports that Israel is considering action against the social media website.   On that note, the market is holding on very well as investors have decided to stay in tech by rotating into software and semiconductor names.

SOCL Index

Energy has come on strong after crude held $60.00 for the last two weeks, and it has begun to edge higher. 

Consumer discretionary names act great, and industrials are being paced by Boeing and Caterpillar, two names that had been under pressure on tariff concerns.

I must say, I’m very impressed with the session thus far, as there have been numerous attempts to tilt major indices into the red.  But buyers have emerged, and would-be sellers haven’t blinked.

I’ll go over tomorrow’s FOMC conclusion and handicap the question and answer portion with Jerome Powell on the morning Hotline.  If you aren’t already a subscriber, contact your account representative or email us at info@wstreet.com to get started today.