LIVE MARKETS-Chip stocks extend slide; regional banks, defensives gain favor
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CHIP STOCKS EXTEND SLIDE; REGIONAL BANKS, DEFENSIVES GAIN FAVOR
The main U.S. indexes are mixed early on Thursday with chip stocks weak again as investors parse fresh economic data for clues on the health of the economy. Semiconductor stocks are extending losses from the previous session, when investors rotated into megacap technology names and banks after strong results from major lenders.
A majority of S&P 500 .SPX sectors are higher with defensive staples .SPLRCS and healthcare .SPXHC, both up 2% or more, the leading gainers. Tech .SPLRCT, down more than 1.5%, is the weakest group.
Beneath the surface, transports .DJT and regional banks .KRX are outperforming. In fact, the KRX is on track for a record closing high.
Meanwhile, with the U.S. 10-year Treasury yield US10YT=RR rising back toward 4.6%, gold/silver miners .XAU are on the weak side, down more than 2.5%.
The PHLX Semiconductor Index SOX is lower by more than 2%. The SOX is now down more than 17% from its June 22 record closing high.
Here is a snapshot of where markets stood shortly after 10 a.m.
(Terence Gabriel)
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