Tough sliding for the market today, especially in Technology, as Google (Alphabet) is enduring its worst session since 2012.  The selloff in the stock is spooking investors in other well-known tech names, including Apple (AAPL), which reports its financial results after the close.

Obviously, investors are hiding out in Consumer Staples and Real Estate, while the most intriguing sector not associated with macro factors is Materials.  Material names are being led by Martin Marietta Materials (MLM), which posted very impressive numbers.

There is a chance today’s White House meeting between President Trump and key Democrats on the topic of infrastructure is also luring buyers.  On that note, however, there are reports that White House Chief of Staff Mick Mulvaney has said a deal is unlikely as long as the Democrats are conducting investigations of Trump and his children. (Asking for card data from Tiffany’s certainly feels like harassment.  I hope Congress can work on getting constructive things done.)

Buyers have appeared during this dip, but there is a more cautious tone than in recent trading.  It’s the kind of session that could see weakness into the close.

All Eyes on Apple

I bet investors remember the Apple earnings release on November 29 of last year more than the more recent report that sparked a huge rebound in Apple’s share price.  That session, and the Google drubbing today, are creating a fair amount of trepidation.

Investors are also leery about the fact that earnings consensus is much lower now than it was three months ago.

We are holders of AAPL into the earnings release.