Midday Market Commentary For 04-01-2013
Gary is on special assignment for the rest of the day. From Yahoo Finance:
Equities remain near their early lows with the S&P 500 off by 0.5%. As the broader market trades in the red, nine of 10 S&P 500 sectors trade lower as well.
Industrials and materials are among the weakest performers amid continued global growth concerns. In Asia, China’s manufacturing PMI was reported below expectations while Japan’s Tankan Survey also fell short of estimates.
Also contributing to the weakness of the growth-sensitive sectors was today’s March ISM Index, which was reported at 51.3, its lowest level since December.
In addition to industrials and materials, other cyclical sectors trail behind the broader market. The technology space is seeing broad weakness with Apple (AAPL 435.66, -7.00) down 1.6%. Elsewhere in tech, chipmakers trade lower with the PHLX Semiconductor Index off by 1.4%.DJ30 -37.58 NASDAQ -24.17 SP500 -8.47 NASDAQ Adv/Vol/Dec 551/550.5 mln/1801 NYSE Adv/Vol/Dec 775/184.1 mln/2125