The market has been spinning its wheels this session with earnings applying upside pressure and odd communications from administration officials on next week’s trade meeting with China. 

Interestingly, the biggest losing sector, consumer discretionary, shouldn’t be such an anchor for the board market.  But it’s being pulled down by McCormick (MKC), which is the biggest loser, as it continues a slide that began in December after the stock rallied 50% for 2018. 

Meanwhile, chip stocks are holding up nicely following great earnings beats lead by the spike in Xilinx (XLNX), which is at a new all-time high. Now, all eyes are on Intel (INTC), which reports after the close.

But it’s the results reflecting the American consumer, which should be the key takeaway for investors, even as major indices vacillate.

Keep an eye on market breadth more than the moves in big indices.

NYSE

• 1809 winners
• 1094 losers
• 930 million up volume
• 649 million down volume

NASDAQ

• 1700 winners
• 1,240 losers
• 780 million up volume
• 459 million down volume