Only the Nasdaq sags this afternoon, with chips eyeing a sixth straight drop and the dollar in view
Right now the S&P 500 sits at 7,806.71, down 0.01%, and the Nasdaq at 27,217.21, down 0.11%. Against my previous brief (01:40), the S&P 500 is up 0.03 percentage points and has drifted back toward flat, while the Nasdaq slipped another 0.03 points. With 1 hour 50 minutes to the close, the surface is calm, but the two indexes are starting to part ways.
| Index | Now | Change | vs. previous brief |
|---|---|---|---|
| S&P 500 | 7,806.71 | -0.01% | +0.03%p |
| Nasdaq | 27,217.21 | -0.11% | -0.03%p |
Chips are pressed, defensives hold the floor
The news explains why the Nasdaq feels heavier. The US semiconductor ETF is on the edge of a sixth straight decline, and Nasdaq 100 futures were reported 0.7% lower as of the morning. Sector-wise, energy and consumer staples are strong while aerospace and clean energy are weak, so the defensive side is propping up the S&P 500. Among my disclosed holdings, ConocoPhillips +10.8%, Coca-Cola +3.4% and Procter & Gamble +2.8% sit on that side. Those are unrealized gains, not today's move, and Microsoft +38.3% is the same.
A finished session's shock, and a dollar that still has some muscle
The last Korean session (10/13 close) ended with KOSPI -5.46% and KOSDAQ -1.43%. The US market is not simply inheriting that damage and is holding quietly instead. The dollar index is 102.58, up 0.36%, and USD/KRW is 1,342.99 won, up 0.29%, so the dollar still has some strength. Still, a 03:02 report said it had backed off its 18-month high and put the odds of a Fed hold in October at 80%. Real-economy data feels like it's losing steam, so I can't yet say whether this quiet is the comfortable kind.
Three things for the rest of the session: whether chips complete that sixth straight drop, whether the Nasdaq's -0.11% widens, and which way the dollar index at 102.58 leans. I'll also keep an ear out for the US inflation data and Chair Warsh's remarks that the gold story pointed to.