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Stocks turn lower as cyclicals reverse course; crude tumbles

Sep. 29, 2020 11:57 AM ETXLE, XLF, XLK, XLCBy: Kim Khan, SA News Editor15 Comments
  • The broader market is lower as the market shrugged off some strong economic data. But there is still some buying support for the Nasdaq.
  • The Nasdaq is down 0.2%. The S&P is down 0.5% and the Dow is off 0.8%, with Goldman Sachs and Travelers weighing the most.
  • The S&P is facing some technical pressure at its 50-day simple moving average at 3,355.
  • The major averages jumped after the Conference Board's consumer confidence measure for September jumped the most in 17 years. But the gains were short-lived.
  • All 11 S&P sectors are in negative territory. Energy (NYSEARCA:XLE) and Financials (NYSEARCA:XLF), yesterday's big winners, are now at the bottom of the list, denting hopes for some cyclical follow-through.
  • Information Technology (NYSEARCA:XLK) and Communication Services (NYSEARCA:XLC) are posting the most modest losses. In the megacaps, Facebook and Alphabet are still holding onto gains after price target boosts.
  • Oil futures are sinking nearly 5%. Although there's no single catalyst for the drop, concerns about the COVID infection rate persist and traders seem to get more comfortable with prices below $40/barrel.

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