Market's split personality: financials hit records, semis flirt with bear market
SPY•Stocks end lower as chip shares weigh on the market
Chip stocks pulled the market down on Thursday as they continued to lead broader moves despite generally upbeat U.S. economic data and what has so far been a strong earnings season.
The main U.S. indexes ended in the red with the tech-heavy Nasdaq (.IXIC) down 1.47%, taking the biggest hit. That said, a majority of S&P 500 (.SPX) sectors ended up on the day, though there was a clear tilt toward defense and value.
Staples (.SPLRCS), healthcare (.SPXHC) and real estate (.SPLRCR) all posted gains of more than 2%. Tech (.SPLRCT) fell more than 1.5%, while communication services (.SPLRCL) lost nearly 3%. Consumer discretionary (.SPLRCD) was also on the losing side.
Under the surface, transports (.DJT) and regional banks (.KRX) scored strong gains, while gold/silver miners (.XAU) were weak.
Semis near bear market while financials and value hit records
The PHLX Semiconductor Index (.SOX) slid more than 4% and is flirting with a bear market. The index ended down nearly 19% from its June 22 record closing high.
Meanwhile, the KRX and the S&P 500 financial sector (.SPSY) notched record closing highs. Other record closing highs of note included the S&P 500 Equal Weight Index (.SPXEW), Apple (AAPL), S&P 500 Value (.IVX) and Quality stocks (QUAL.K).
Here is a snapshot of where markets stood shortly after 4 p.m. ET.
