SPX, NDX Closes Lower Following Weakness in ARM, Semiconductors and Tech Stocks...Utilities, Real Estate, Health Care Lead Sectors...After-hours: AAPL up, AMZN down...

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The SPX -75.62, 5,446, opened higher, and rolled over after the first 15 minutes of trading as semiconductor and technology stocks weighed on the index. 

ARM opened lower after reporting a strong EPS and revenue beat, and weak Q2 guidance of $780 million to $830 million, versus current estimate of $804.8 million after the close on Wednesday.  While that is only a $24.8 million difference ARM opened $15.45 or 10.72% lower.  ARM’s market cap was down $16 billion at the open.  Semiconductor and technology stocks opened lower likely in sympathy with ARM.  SMH -6.47%, WDC -9.72%, AVGO -8.50%, AMD -8.26%, MU -7.57%, XLK -3.73% closed significantly lower along with many other semiconductor and technology stocks. 

The ISM Manufacturing index was 46.8 vs. 48.8 estimate, lower than expected, The ISM Mfg. index has been below 50.0 since April, which is in contraction.

NYSE advancers breadth fell 47% on Thursday.  The NDX -2.44% trended down and closed lower.

CHRW +13.16, +14.78%, FMC +8.98, +10.25% were the SPX earnings gainers on Wednesday.

After-hours:  AAPL +1.24, +0.57%, on positive EPS reaction, AMZN -12.67, -6.88%, on an EPS beat, revenue miss and soft guidance resulting in a negative EPS reaction. 

Earnings season continues Friday with 7 SPX companies reporting: CBOE, CHD, CVX, LIN, LYB, PPL, XOM report BMO and BRK/B reports on Saturday.

First day reaction: Q2

Positive:  CHRW, FMC, APD, LH, IRM, TFX, K, AFL, APTV, CMI, META, SO, MAA, ETR, AVB, D, ALL, PNW, EXC, ES, AWK, XEL, REGN, KIM, EBAY, BALL, HSY,  MTCH, ANET DAY, BWA CZR, AMD, DD, KHC, TMUS, JCI, MA, COR, KKR, SBUX, WAT, FSLR, GEHC, BA, MDLZ, ADP, LYV, TT, EA, HES, HWM, FFIV, SWK, PYPL, IT, PSX, SYY, ZBRA, AMT, HOLX, HUBB, PFE, PEG, AEP, ON, RVTY, MCD, MMM, MHK, CHTR, BMY, NSC, CNC, AON, HIG, DECK, BKR, DOC, VLTO, WY, VRSN, EMN, AJG, CING, CL, NOW, MOH, UHS, POOL, TYL, CBRE, RTX, MAS, NDAQ, NOC, DOV, LUV VLO, URI RJF,  IBM, AAL, AMP, ORLY, FTI, WTW, HAS, ABBV, KDP, CMS, ENPH, T, NEE, TMO, STX, TDY, TEL, FI CSGP, PNR, MSCI, SHW, GE, LMT, DHR, BRO, HCA, PM, IVZ, IQV, TFC, ISRG, HBAN, SLB, FITB, DHI, CTAS, KMI, EFX, MTB, BX, DFS, USB, JNJ, CFG, PLD, STT, UNH, BAC, PNC, GS, BK, FAST= 154

Neutral: CTSH, TRGP, PAYC, VICI, APA, ICE, ALB, WEC, QRVO, FE, GNRC, NCLH, SYK, ESS, ITW, WELL, SBAC, SPGI, JNPR, KLAC, GL, DTE, UNP, DOW, IP, COF, ALLE, ODLFL, PKG, EQT, TXN, CME, WRB, MCO, KO, PHM, NVR, GPC, RF, TXT, CCI, STLD, SYF, MS, BLK = 45

Negative:  MRNA, MGM, LRCX, WDC, QCOM, IR, AME, ETSY, EG, IEX, CTVA, AIG, HII, CI, HST, PWR, GWW, DINO, COP, ETN, BDX, MET, FICO, ANSS, BIIB, PTC, HUM, VRSK, BG, CDW, MAR, GRMN, SW, SWKS, MO, PSA, ACGL, EXR, UDR, BXP, MSFT, MRK, ECL, GLW, XYL, PG, LDOS, EQR, CNP, ADM, INCY, L, DXCM, LHX, PFG, TROW, BEN, DLR, EW, F, WST, TER, LKQ, WM, INVH, ALGN, RCL, ROL, HON, RSG, NEM, LVS, TSCO, CMG, CARR, PCG, LW, TSLA, FTV, ROP, OTIS, APH, WAB, GOOGL, GEV, V, GD, CB, IPG, BSX, UPS, PCAR, AOS, NXPI, GM, KMB, DGX, ARE, CMCSA, AVY, FCX, CDNS, NUE, VZ, TRV, HAL, PPG, AXP, NFLX, DPZ, ABT, KEY, LVS, SNA, MMC, UAL, JBHT, ELV, NTRS, OMC, SCHW, PGR, WFC, C, JPM = 125

Mega caps META rose and MSFT, GOOGL, AMZN, AAPL, TSLA, NVDA fell on Thursday.

SPY down 7.80 at 543.01, 76.4 million shares, above average volume

VIX up 2.23 at 18.59

QQQ down 11.41 at 459.66

PG, JNJ, KO, WMT led the DJIA, 9 advancers, -9

CHRW, FMC, APD, LH, IRM led the SPX, 174 advancers 

META, DXCM, AEP, EXC led the NDX, 19 advancers

Up: 

Down:  DIA, SPY, QQQ, IWM,

Five of eleven sectors were higher on Thursday, led by XLU, XLRE and XLV.

The SPY MFC green line is pointed up at 27.2 and is short-term bullish.

Uptrend sectors:   XLF, XLRE, XLI, XLB, XLU, XLV, XLP, XLC, XLY, XLK, XLE,

Neutral sectors: 

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down a little

19 of 100 NDX stocks closed higher on Thursday.

36 NDX stocks are above their 30 DMA:  REGN, VRTX, CHTR, EA, CTAS, AMGN, BKR, GILD, ODFL, AEP, CTSH, GEHC, ILMN, FAST, LIN, ADP, PAYX, EXC, XEL, KHC, PEP, ORLY, CSGP, CSCO, MDLZ, CSX, MNST, CMCSA, KDP, PYPL, AZN, CCEP, DASH, ISRG, TMUS, META,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 1

META,

Moving Below 30 DMA = 15

AAPL, ADBE, ADI, ADSK, FANG, INTU, KLAC, MDB, MELI, ON, SBUX, TEAM, TSLA, TXN, WDAY,

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