Major Movers
SPY is down 0.5% as a sharp mega-cap tech selloff weighs on an otherwise broad advance. Technology (XLK) is the only main sector lower, off 1.2%, dragged by Salesforce (-4.2%), Broadcom (-3.0%), Micron (-3.1%) and Intel (-3.4%), while Gen Digital (+14.4%) and KLA Corp (+6.0%) are standouts to the upside. Health Care (XLV) leads at +2.5%, with Eli Lilly up 8.3% to a record high on an outlook raise and Merck up 5.4%, though Alnylam Pharma is down 15.7% and Baxter -5.4%. Financials (XLF) is up 1.6%, Real Estate +1.4%, and Consumer Discretionary is up 0.4% despite Amazon falling 3.8%, as Norwegian Cruise Line (+10.3%) and Chipotle (+7.3%) jump. Industrials is roughly flat (+0.2%) with Textron up 8.9% against Caterpillar's 9.2% drop.
Factors show a clear value-over-growth rotation: Momentum is down 1.7%, Growth indices down 1.3-1.7%, while Value and Dividend factors are up around 0.6-1.0%.
Within mega-cap growth, ServiceNow sinks 23.5% in its biggest intraday drop since 2016, and Alphabet's two share classes fall roughly 12.7-12.8%, set to erase $489 billion in value. Eli Lilly, Merck, KLA Corp and Mastercard are the leaders.
Semiconductor and software-linked ETFs are broadly weaker, with the Semiconductor ETF down 2.3%, the Software ETF down 2.3%, and Communication Services down 2.2%.
DoorDash's move to buy Instacart for $65 a share in cash and stock sits alongside a run of sharp single-name swings tied to earnings and outlook news.
- Carvana +15.1%
- Huntington Ingalls Industries +12.3%
- Leonardo DRS +9.9%
- DoorDash +5.4%, on its deal to acquire Instacart
- Builders FirstSource +5.0%
- Trane Technologies -6.9%
- Oshkosh -7.1%
- Honeywell Aerospace -11.6%
- Marvell Technology -12.6%
- Fortinet -21.8%, its worst day on record
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