LIVE MARKETS-Nasdaq, S&P 500 down with big tech early

view original post

* Dow up, S&P 500 ~flat, Nasdaq falls

* Tech down most among sectors; energy leading gainers

* Euro STOXX 600 index down ~0.1%

* Dollar, gold, crude bitcoin all up slightly

* U.S. 10-Year Treasury yield ~1.48%
Welcome to the home for real-time coverage of markets brought to
you by Reuters reporters. You can share your thoughts with us at
markets.research@thomsonreuters.com

NASDAQ, S&P 500 DOWN WITH BIG TECH EARLY (1005 EDT/1405 GMT)

The Nasdaq and S&P 500 are lower in early
trading Monday along with shares of top tech names including
Microsoft, while the Dow is higher.

Big banks are among stocks giving the biggest boost to the
Dow.

S&P technology, down more than 1%, is leading
declines among sectors, while energy is leading the
gainers. Crude oil futures are up sharply in early trading.

Power shortages in China that are threatening to hurt
production for chipmakers are weighing on those shares early.
The Philadelphia Semiconductor index is off around 0.3%.

Here is the early market snapshot:

(Caroline Valetkevitch)

*****

NASDAQ COMPOSITE’S INTERNAL WEAKNESS INTENSIFIES (0900
EDT/1300 GMT)

The Nasdaq Composite ended Friday down a little more
than 2% from its Sept. 7 record close. This after one measure of
internal strength had diverged into that high:

The Nasdaq New High/New Low (NH/NL) index stalled on Sept. 7
at 74.5%. This reading was well below its mid-June peak of
90.2%, as well as its mid-January high of 96.4%. The measure has
since weakened to 45.4%.

Of note, just looking back to early 2020, periods of NH/NL
index divergence has preceded both major and minor IXIC
setbacks.

And recently, despite the Nasdaq’s more than 2% bounce off
its Sept. 20 low, the NH/NL index has continued to deteriorate,
questioning the sustainability of the rise.

Now, in premarket trade, CME e-mini Nasdaq 100 futures
are suggesting the Nasdaq 100 is poised to
decline more than 125 points, or around 0.9%, at the open.

With this, the Composite should come under pressure, and the
next test for the NH/NL index can be its late-summer troughs in
the 41.2%/37.1% area.

(Terence Gabriel)

*****

FOR MONDAY’S LIVE MARKETS’ POSTS PRIOR TO 0900 EDT/1300 GMT
– CLICK HERE:

(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)