[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.4%), and DJIA (-0.7%) are charting session lows just before midday as stocks move broadly lower today.
A stronger-than-expected August employment report proved to be a catalyst for selling at th open as the market's implied odds of a rate hike at the September FOMC meeting increased in the wake of the report. The CME Fed Watch tool now shows a 60% probability of a rate hike, up from 50% yesterday.
Eight S&P 500 sectors trade lower, with particular weakness across many of the market's mega-cap components pushing the consumer discretionary (-1.8%) and communication services (-1.1%) sectors to the bottom of the leaderboard. The Vanguard Mega Cap Growth ETF is down 0.6%.
However, the PHLX Semiconductor Index is up 2.8%, which keeps the information technology sector on its flatline despite sharp losses across software names.
Elsewhere, lululemon athletica (LULU 100.50, -21.27, -17.47%) retreats after earnings, while credit-scoring names such as Fair Isaac (FICO 920.50, -198.43, -17.73%) also move sharply lower following comments from FHFA Director Bill Pulte regarding potential changes to the mortgage credit-scoring market.
The major averages are now on track for a mixed week-to-date finish.