LIVE Markets-Wall Street ends mixed as Fed, megacaps take center stage
SPY•Breadth improves as healthcare leads and chips lag
Beneath the headline moves, market breadth remained encouraging with a majority of S&P 500 sectors finishing in positive territory. Healthcare, up more than 2%, was the leading gainer. Staples also had a strong session. Energy and Technology, each losing more than 1%, were the weakest groups. Regional banks, software shares and biotech also outperformed, while gold and silver miners joined chip stocks on the weak side.
The PHLX Semiconductor Index fell more than 4%, leaving it 24.6% below its June 22 record close and highlighting the pressure that has recently weighed on the chip group.
Yet despite the weakness in tech, the broader market continued to show signs of expanding leadership. The NYSE Composite, S&P 500 Financials, S&P 500 Banks, S&P 500 Healthcare, S&P 500 Value and the Equal Weight S&P 500 all finished at record highs, suggesting the rally is no longer resting solely on the shoulders of the mega-cap tech names.
