Major Movers
The S&P 500 ETF is down 0.7% after-hours, with technology and consumer discretionary leading declines and defensive sectors holding up.
Technology (XLK) is off 1.7%, dragged by semiconductors and Intel, down 20.5% after its CEO said the pace of the PC correction has accelerated over the past two months as OEMs manage inventory, compounded by a shortage of advanced organic substrates, even as he said Intel 18A-P and 14A remain on track. AMD is down 5.1%. Consumer Discretionary (XLY) is down 1.6%, with Amazon the heaviest drag at -5.6%. Health Care (XLV) is up 0.5% despite Stryker falling 12.0%. Consumer Staples (XLP) is up 1.0%, led by Mondelez at +4.9%.
Momentum and growth factors are underperforming, with MTUM down 2.2% and SPMO down 1.7%, while VUG and MGK are each off 1.3%. Equal-weight (RSP) is up 0.2% and dividend-tilted factors are little changed.
Within mega-cap growth, Qualcomm (-3.5%), Oracle and Lam Research (both -3.3%) and Broadcom (-2.9%) are among the weakest, while Gilead Sciences stands out at +2.4%.
Semiconductor-focused ETFs are sharply lower, with SOXX down 4.0% and SMH down 3.1%.
Among stocks not already covered above, losses are concentrated and steep, led by Reddit.
- FedEx Freight +4.2%
- Cintas Corp +2.6%
- ResMed +2.5%
- Veralto +2.1%
- Automatic Data Processing +2.0%
- Reddit -17.6%
- DaVita -8.0%
- Arm Holdings -6.6%
- Dell Technologies -6.6%
- Coherent Corp -5.5%
Among thematic ETFs, VanEck Space ETF is up 2.2% while ARK Innovation ETF is down 2.0%. Regionally, iShares MSCI South Korea ETF is down 2.5%.
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