Defensive sectors dominate early trading, while chip stocks weigh on tech.
Large-Cap Healthcare (XLV) widened at the open to hit an intraday record – the first since mid-August. Pharmaceutical companies like Lilly (LLY), JNJ (JNJ), Abbvie (ABBV), Merck (MRK) and Gilead (GILD) are leading the action – with the latter posting its first intra-company record since February.
Meanwhile, Consumer Staples (XLP) continues its meteoric rise in October, up more than 2% today and nearly 9% for the month, outpacing Energy (XLE) to lead all large-cap sectors.
Food companies like Coca-Cola (KO), PepsiCo (PEP), Hershey (HSY), General Mills (GIS), and Kraft Heinz (KHC) are all decidedly green.
Tech (XLK) is a different story, heading for a fourth straight loss and down almost 5% in October. The PHLX Semiconductor Index (^SOX) is on pace for an eighth consecutive decline – the longest such streak since October 2008 following the Lehman Bros. bankruptcy.
Intel (INTC), AMD (AMD) and Taiwan Semi are leading the semis’ slide, with the latter disappointing investors with its third-quarter results.
The Roundhill Memory ETF (DRAM) is facing its biggest loss in a month, pointing to a fourth straight decline as the rout in memory chip stocks deepens.
Gn bussni
