6-27-17

FBN’s Charles Payne on the state of the technology sector.

PLUS Technology stocks have been closely watched by Wall Street this year as the sector has outperformed. Entering Tuesday’s session, the sector had gained nearly 20 percent in 2017.

The Dow Jones industrial average traded slipped 20 points, with 3M and Apple leading decliners/

The S&P 500 hovered dropped 0.3 percent as information technology, utilities and telecommunications all dropped more than 1 percent to lead decliners.

“Short-term momentum has deteriorated over the past few days, but the impact to the [S&P 500] has been minimal in that it remains solidly above initial support near 2400,” said Katie Stockton, chief technical strategist at BTIG, in a note Tuesday.

“We see this as a testament to the healthy breadth behind the market, which has been helped by rotation on the sector front.”

From Fox Business

Tech stocks fall after Trump scores win on his travel order

Stocks fall as big tech rolls over

U.S. equities traded lower on Tuesday as large-cap technology stocks fell more than 1 percent.

The Nasdaq composite underperformed, falling 0.8 percent, as shares of Google-parent Alphabet declined more than 1 percent. The EU fined Google a record $2.7 billion, as regulators ruled the company violated antitrust rules.

“Alphabet is what’s weighing on technology stocks,” said Robert Pavlik, chief market strategist at Boston Private. “I find the news about Google incredibly hard to believe. Do they not have other search engines in the EU?”

Technology stocks have been closely watched by Wall Street this year as the sector has outperformed. Entering Tuesday’s session, the sector had gained nearly 20 percent in 2017.

The Dow Jones industrial average traded slipped 20 points, with 3M and Apple leading decliners/

The S&P 500 hovered dropped 0.3 percent as information technology, utilities and telecommunications all dropped more than 1 percent to lead decliners.

“Short-term momentum has deteriorated over the past few days, but the impact to the [S&P 500] has been minimal in that it remains solidly above initial support near 2400,” said Katie Stockton, chief technical strategist at BTIG, in a note Tuesday.

“We see this as a testament to the healthy breadth behind the market, which has been helped by rotation on the sector front.”

Investors also turned their attention to Washington as doubts increased about the Senate passing a bill to repeal and replace Obamacare before the July 4 recess.

“If the Senate can conjure up enough votes to pass this, then we might get some more legislation done this year,” said Art Hogan, chief market strategist at Wunderlich Securities. “Barring that, it might be a slog of a summer.”

President Donald Trump has said repeatedly he wants to repeal and replace Obamacare before moving on to other items on his agenda, including tax reform.

In economic news, consumer confidence for June topped expectations, hitting 118.9. Economists polled by Reuters expected a print of 116.

Wall Street will also be on the lookout for remarks from key Federal Reserve officials, including Fed Chair Janet Yellen. Yellen is scheduled to speak later on Tuesday.

Separately, Philadelphia Fed President Patrick Harker said he sees the Fed on track to raise rates once more this year.

Treasury yields spiked higher after European Central Bank President Mario Draghi said the central bank could adjust its monetary-policy tools. The benchmark 10-year yield rose to trade around 2.2 percent.

“I reiterate AGAIN the danger that is the European bond market as the ECB gets deeper into its taper and it can single handedly drag US yields higher as they are today,” said Peter Boockvar, chief market analyst at The Lindsey Group, in a note.   SOURCE

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