Afternoon Note
Equities were looking weak pre-open on continued Turkish lira concerns. Shortly before the open, equity futures rallied, the market opened unchanged and briefly rallied before heading lower. Overseas markets saw broad based weakness, with emerging markets getting hit the hardest. The emerging market Etf, EEM, was down 1.65%; Turkey’s BIST 100 was down 2.31%.
Food distribution company Sysco (SYY) reported earnings that slightly beat on the top and bottom lines. International sales grew 8% and sales to chain restaurants grew 6.1%. The stock is trading at an all-time high of $73.38, up $4.87 (7.10%).
Technology is in the leadership role today as bottom fishers’ sort through the beaten down semiconductor group. The PHLX Semiconductor Index, SOX, is higher by 0.30%, being led by Nvidia (NVDA), which is up 1%.
Energy and metals are laggards as a strong U.S. dollar (USD) weighs on commodity prices. West Texas Intermediate crude is lower by 2.45% ($1.67) @ $65.96. Gold is lower by 1.5% ($18) @ $1201. The Energy Etf, XLE, is lower by 1.25%, while the Metals and Mining Etf, XME, is down 1.93%.
The market is in search of a catalyst to rally. Earnings season is winding down and a strong dollar is causing temporary headwinds.
Breadth: Negative
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