And S.A.'s summary:
Tech rout, economic worries drag broader market lower
Nov. 19, 2018 4:55 PM ET|By: Carl Surran, SA News Editor
A rout in widely-held tech stocks led the broader market lower and was accelerated after a report showed the National Association of Homebuilders confidence index plunged to its lowest level in more than two years.
The S&P information technology sector (-3.8%) continues to bleed amid concerns about a cyclical slowdown, valuations and increased regulatory scrutiny, and the group has now dipped 5.5% this month for the worst showing among the 11 S&P sectors.
The FAANG stocks - Facebook (-5.7% today), Amazon (-5.1%), Apple (-3.9%), Netflix (-5.5%) and Google (-3.9%) - is now in a bear market with each member down more than 20% from the one-year highs.
"When you lose leadership in the market, people start wondering if that’s indicative of the whole market," said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management.
Micron Technology fell 6.6% after Chinese authorities reportedly alleged antitrust violations by the company as well as Samsung and SK Hynix, the world's three largest memory chip manufacturers.
The utilities (+0.5%) and real estate (+0.3%) groups were the day's only gainers, while the financial space ended unchanged.
U.S. Treasury prices rose as equities sold off, with the two-year yielding shedding 3 bps to 2.77% and the 10-year yield dropping 2 bps to 3.06%, 19 bps below its November high.
Also, January WTI crude futures gained 0.9% to $57.20/bbl, and the U.S. Dollar Index slipped 0.3% to 96.21.
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