Equities are higher this afternoon, continuing a strong start to September. The Dow is up 1.05%, S&P 500 rose 1.06%, while the Nasdaq is flat.

Many of the Momo names gave up some ground today, with Zoom Technologies (ZM), Fastly (FSLY), Docusign Inc. (DOCU) lower. Another name lower is Tesla (TSLA). The stock traded as low as $405.12 after news that the largest outside shareholder, Baillie Gifford, reduced its position in the company. Baillie Gifford now owns less than 5% of Tesla (TSLA), down from 6.32%. Regardless. The selloff pared and is now $447.72.

Utilities are ripping today, after underperforming yesterday, as well as Consumer Staples. This is not good for the broad market. A sign of anxiety, as investors park profits from tech names.

Factory orders for July came at 6.4% beating expectations of 6%. June numbers were upwardly revised to 6.4% from 6.2%

Highlights

• Transport equipment +35.7% vs 19.5% in June, boosted by vehicles and defense aircraft.
• Computers and Electronics +2.6% vs -0.1% June.