Afternoon Note
The market is responding to the latest tariff news. Stocks of companies with higher-than-average overseas sales are underperforming. Caterpillar (CAT) slipped 2.3% and Apple (AAPL) dropped 2.4%.
The Dow is down 1.3%, while the S&P 500 and Nasdaq are down 1%, respectively. Among the 11 sectors of the S&P 500, financial is the weakest with 65 of the 67 stocks trading in the red. In addition, the 10-year note fell 13.2 basis points to 1.70%, the biggest one-day decline, not seeing since June 2016.
S&P 500 Index |
|
-0.99% |
Communication Services (XLC) |
-0.71% |
|
Consumer Discretionary (XLY) |
-1.31% |
|
Consumer Staples (XLP) |
|
-0.76% |
Energy (XLE) |
-1.15% |
|
Financials (XLF) |
-1.85% |
|
Health Care (XLV) |
|
-0.44 |
Industrials (XLI) |
-1.39% |
|
Materials (XLB) |
|
-0.79% |
Real Estate (XLRE) |
+0.61% |
|
Technology (XLK) |
|
1.35% |
Utilities (XLU) |
+0.13% |
The VIX, the so-called ‘fear index’ is trading above 16 for the first time in over a year, which means investors didn’t price in the return of stock market volatility anytime soon.
In merger news, Cleveland-Cliffs (CLF) is buying Ak Steel (AKS) in a $1.1 billion deal. AKS shareholders will receive 0.40 shares of CLF for every share of AKS common stock they own.
Roku Roars Back
A day after Roku was downgraded; the stock is stronger today, up 5%. Needham raised its price target to a Street-high of $200 from $150. According to the research firm, they believe Roku will continue its massive growth in the streaming-video space.
The markets are well off the lows of the day. Let's see if buyers will emerge into the close.
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