Equity sectors – Materials are the worst sector in the market, falling close to 1.75% $spx

Equity sectors – Materials are the worst sector in the market, falling close to 1.75% on weakness across the board due to weak global eco data and a stronger dollar, led lower by base metals, steel / iron ore names, and CDE (earnings). Industrials are off close to 1.5% on weakness in homebuilders, building products, and higher beta machinery names (JOYG / BUCY both off ~2.75%). Tech is off 1.35% on a slide in semis (SOX off 3%) as a competitor downgrade of INTC (-4%) weighs on LSI (-6.5%) and AMD (-6.75%). Financials are also off around 1.3% on weakness in regional banks ahead of the FOMC decision at 2:15, although MBI outperforms on earnings this morning. Energy is off close to 1.25% and underperforming as a slide in crude hits services/drillers and earnings out of JASO weigh on solars. Discretionary is also off close to 1.25% on weakness in hotels, cruiselines, and BBY (downgraded at competitor). Healthcare is off around 0.35%, outperforming on strength in LLY, LH (stock repurchase program), and BAX. Telecom is off slightly, outperforming on a defensive bid although PCS weighs on the group. Staples are off slightly, outperforming on strength in CL, CAG, and DPS as investors move into the group on a defensive bid. Utilities are the top space in the market, moving up slightly on a defensive bid and led by AES and SO.

·         Best SP500 stocks: AKAM, WFR, CL, XL, LH, BAX, CAG, LLY, DPS, AES

·         Weakest: AMD, LSI, NBR, JBL, TER, LEN, MU, TXT, INTC, WDC