Intel breaks, tech sells, defensives rise
Intel's collapse and Amazon's results revived AI spending fears and hit chips hard, while energy and staples led and nearly half the S&P 500 still rose.
The Signal
All three indexes fell, the Nasdaq most. Technology was the worst sector, led lower by Intel, with Nvidia and Broadcom doing the most index damage. Energy and consumer staples led, while materials and utilities also rose. Health care and industrials fell. More stocks show inflows than outflows, but lower highs far outnumber higher highs.
The Noise
The headline reads like a broad selloff. The data shows concentrated damage in the heaviest part of the index, with a little under half of S&P 500 stocks higher. The real question is how long AI spending takes to pay back.
Multi-Signal Confluence
ADM: grain processor with a raised full-year outlook and a leading sector behind it. Selling pressure is fading at a higher low, but results are expected Tuesday, date unconfirmed, and fair value sits below the price.
Charles River Laboratories: the bearish counterpart. New highs lack full flow confirmation and the stock looks stretched, though flows remain strong. It reports Wednesday against a higher bar.
Texas Pacific Land: West Texas land, royalties and water, with a data center link emerging. An early flow improvement sits inside a downtrend, and it reports Wednesday.