Stock market today: Dow, S&P 500 rise, Nasdaq trims losses as Treasury yields sink
Defensive sectors are dominating early trading, as chip stocks drag down tech.
Large-cap health care (XLV) gapped up on the open to an intraday record high — its first since mid-August. Pharmaceutical companies like Lilly (LLY), JNJ (JNJ), Abbvie (ABBV), Merck (MRK), and Gilead (GILD) are driving the action — the latter posting its first intrady record high since February.
Meanwhile, consumer staples (XLP) continues its blistering October run, up over 2% today and nearly 9% for the month — edging out energy (XLE) to lead all large-cap sectors.
Food and beverage companies like Coca-Cola (KO), PepsiCo (PEP), Hershey (HSY), General Mills (GIS), and Kraft Heinz (KHC) are all strongly green.
Tech (XLK) is a different story, heading for a a fourth straight loss and off nearly 5% in October. The PHLX Semiconducor Index (^SOX) is on track for an eight straigth down day — the longest such streak since Ocober 2008 in the wake of the Lehman Bros. failure.
Intel (INTC), AMD (AMD), and Taiwan Semi are leading the semis plunge, the latter disappointing investors with Q3 earnings.
The Roundhill Memory ETF (DRAM) is facing its biggest loss in a month, pointing to a fourth straight drop, as the rout in memory chip stocks deepens.