TThe broader market turned in a tough Thursday as the Nasdaq Composite fell a clean 1% (6089.46, -61.39). The S&P 500 was barely better, losing 22.79 points (-0.94%) to 2409.75. The Dow Jones Industrial Average shed 158.13 points (-0.74%) to 21320.04.
Thursday housed a plethora or market data points, including the ADP National Employment Report which showed an increase of 158,000 in June while the May reading was revised lower to 230,000 from 253,000. The latest weekly initial jobless claims count totaled 248,000 while last week’s reading was unrevised at 244,000. As for continuing claims, they rose to 1.956 million from the revised count of 1.945 million (from 1.948 million). The ISM Services Index for June rose to 57.4 from an unrevised reading of 56.9 in May. The May trade balance showed a deficit of $46.5 billion compared to the previous month's deficit which was left unrevised at $47.6 billion. The weekly MBA Mortgage Applications Index rose 1.4% to follow last week's 6.2% decrease. Lastly, June Challenger Job Cuts showed a year-over-year decrease of 19.3% to follow last month's year-over-year increase of 9.7%.
The Technology (XLK 54.38, -0.50 -0.91%) space wasn’t the worst performing S&P sector today but it certainly wasn’t the best. Component Amphenol (APH 72.48, -1.29 -1.75%) was weak today following a premarket downgrade of the stock to a Neutral rating at Goldman. All 11 S&P sectors finished in the red; aside from tech, the remaining sectors finished Thursday XLRE -1.81%, IYZ -1.43%, XLV -1.26%, XLE -1.13%, XLY -1.01%, XLI -0.82%, XLF -0.76%, XLP -0.57%, XLB -0.43%, XLU -0.06%.
In the S&P 500 Information Technology (933.87, -8.10 -0.86%) space, trading fell at the open and never looked back, ultimately finishing just above lows. Bellwethers like AAPL -0.94%, MSFT -0.74%, FB -1.01%, GOOG -0.55%, GOOGL -0.49%, V -0.81%, ORCL -1.23%, INTC -2.07%, CSCO -1.24% all finished lower today.
Other notable news items among sector components:
- Symantec (SYMC 27.72, -0.07 -0.25%) to acquire Israel-based Fireglass; terms not disclosed.
- Kulicke & Soffa (KLIC 19.06, -0.14 -0.73%) acquired Liteq BV; terms not disclosed.
- First Data (FDC 17.93, -0.47 -2.55%) completed its acquisition of CardConnect (CCN 15.05).
- CNBC's David Faber said, citing sources, that Time Warner’s (TWX 101.53, +0.36 +0.36%) deal with AT&T (T 37.18, -0.45 -1.20%) is likely to close as soon as within the next 60 days despite ongoing speculation the deal could be delayed.
- Cisco Systems (CSCO 30.72, -0.39 -1.24%) responded to latest development in ITC case vs. Arista Networks (ANET 145.43, -3.19 -2.15%).
- Brooks Automation (BRKS 22.35, -0.02 -0.09%) acquired Pacific Bio-Material Management for $33 million in cash.
- Cypress Semi (CY 13.37, -0.22 -1.62%) reached cooperation and settlement agreement with former CEO (largest individual stockholder) T.J. Rodgers.
- Tesla's Model (TSLA 308.89, -18.20 -5.56%) S was among select vehicles that did not receive any safety awards from Insurance Institute for Highway Safety.
- MSCC was upgraded to Buy from Neutral at Goldman; APH was downgraded to Neutral from Buy at Goldman; AABA was initiated with an Outperform at Oppenheimer, SWKS was initiated with a Buy at Argus, LOGI was initiated with a Buy at Citigroup, MKSI was initiated with a Buy at Deutsche Bank, ENTG was initiated with a Hold at Deutsche Bank, ELVT was initiated with a Buy at BTIG Research