AAPL helps drive late day sell off

Index & Sector performance 9/9/14

The Market:

All major indices on the WSC Scoreboard finished the session lower with the Russell 2000 (IWM) leading the charge down 1.18%.  The S&P 500 (SPY) started the session weak but found a bottom in early trading and then managed to rally until 2pm ET when the index turned and sold off making new lows for the session.   The NASDAQ (QQQ) held in well during early trading as traders were likely waiting for the Apple (AAPL) product announcement.  The initial reaction to AAPL’s news (new/bigger phones, watch, payment system) was positive and the stock rallied toward 52 week highs taking the QQQ with it into positive territory.  However it was at 2pm ET when AAPL made a spike intraday high and turned sharply lower taking the QQQ with it.  AAPL finished the session down 0.38%.

Just like the broad indices on the WSC Scoreboard, the sectors were all red with Utilities (XLU) leading the way lower finishing down 1.15% while the best performers (relatively speaking) were the Consumer Staples (XLP) and HealthCare (XLV) finishing down 0.24% and 0.26% respectively.

As mentioned last night, not much in the way of economic data until Thursday.  Today saw a small beat on the NFIB Small Business survey.  We will be watching Crude Oil inventories tomorrow as crude has been selling off of late and could be preparing for a short term bounce and we are also interested in seeing how much demand there is for the 10 year.

Economic Calendar week of 9/8/14

Reporting EPS 9/10/14 Pre-Market:

Companies Reporting EPS 9/10/14 pre-market

Analyst Comments:

Upgrades 9/9/14

Downgrades 9/9/14

Initiations 9/9/14

Price Target Changes 9/9/14