US Stock Market Sector Analysis – Tuesday, September 03, 2024 Sectors: BEARISH

The US stock market opened under pressure after a sharp sell-off in AI-related hardware names led by NVIDIA (NVDA), which plunged 9.5% to $107.82 and triggered a medium alert for being down 16.9% from its 20-day high. The drop reverberated through the Chip Supply Chain, which fell 7.3% on the day, and pulled the Mag 7 (AI Spenders) group down 3.3%, with Alphabet (GOOG) sliding 3.9% to $157.40 and Apple (AAPL) off 2.7% to $221.11. Defensive pockets outperformed: Telecom rose 2.1% with Verizon (VZ) up 2.8% at $37.65, and Utilities gained 1.3% led by Southern Co (SO), which advanced 2.9% to $83.97. Overall, 3 sectors were up, 20 down and 1 flat, leaving mixed breadth into the S&P 500 session.

Market Condition Dashboard

US 10-Year Treasury Yield

Neutral

3.84%

falling

Impact

Confidence

Crude Oil (WTI)

Neutral

$70.34

-4.4% 1D

Impact

Confidence

VIX (Fear Index)

Elevated Caution

20.7

+38.1% 1D

Impact

Confidence

Put/Call Ratio (5D)

Caution

0.75

Call-Heavy · stable

Impact

Confidence

Signal analysis only — not investment advice

Sector Heatmap (1D)

Telecom +2.11%

Utilities +1.27%

Healthcare +0.54%

Biotech -0.05%

IT Services -0.22%

Airlines -0.33%

Data Center REITs -0.73%

Retail -0.81%

Food & Restaurant -0.99%

Defense & Aerospace -1.00%

Materials -1.10%

Logistics -1.29%

Enterprise Software -1.82%

Hospitality & Travel -2.07%

Energy -2.16%

Media & Entertainment -2.55%

Industrial -2.96%

Infrastructure -3.04%

Cybersecurity -3.12%

Finance -3.23%

Mag 7 (AI Spenders) -3.25%

Memory & Storage -4.87%

EDA & Semiconductor IP -6.32%

Analog & Embedded Chips -6.45%

Chip Supply Chain -7.39%

AI Power & Grid -7.43%

Chip Equipment -7.44%

AI Networking & Interconnect -7.85%

≤-3%0≥+3%

Sector Performance (Base=100)

AI and Technology Sector Analysis

The short-term AI/technology theme cooled as the Mag 7 (AI Spenders) group moved lower on profit-taking and a rotation out of hardware risk; NVIDIA (NVDA) $107.82 led the decline while Microsoft (MSFT) $403.83 and Amazon (AMZN) $176.25 each eased roughly 1.8%–1.3%. Weakness in the Chip Supply Chain — led by heavy losses in names like Intel (INTC) and Marvell (MRVL) — undercuts the immediate capex narrative for accelerators even as enterprise software and infrastructure spending remains supportive. Longer term, continued spending from the Mag 7 on cloud infrastructure and enterprise software should sustain the AI theme, but expect higher volatility in chip suppliers until a clearer demand cadence emerges.

US Stock Sector Overview

Sector	1D	5D	20D	vs 50MA
Mag 7 (AI Spenders)	-3.3%	-3.3%	+4.3%	N/A
Chip Supply Chain	-7.4%	-4.3%	+6.6%	N/A
Memory & Storage	-4.9%	-4.4%	N/A	N/A
EDA & Semiconductor IP	-6.3%	-6.1%	+9.1%	N/A
Infrastructure	-3.0%	-5.6%	+3.7%	N/A
AI Networking & Interconnect	-7.8%	-7.3%	N/A	N/A
Enterprise Software	-1.8%	-1.1%	+8.8%	N/A
Finance	-3.2%	-1.6%	+7.1%	N/A
Healthcare	+0.5%	+1.1%	+13.0%	N/A
Retail	-0.8%	-1.0%	+10.7%	N/A
IT Services	-0.2%	+0.9%	+7.6%	N/A
Airlines	-0.3%	+4.0%	+12.0%	N/A
Hospitality & Travel	-2.1%	-0.2%	+9.4%	N/A
Food & Restaurant	-1.0%	-3.2%	+15.0%	N/A
Logistics	-1.3%	-0.4%	+2.4%	N/A
Industrial	-3.0%	-1.9%	+3.7%	N/A
Cybersecurity	-3.1%	-0.6%	+16.4%	N/A
Chip Equipment	-7.4%	-6.7%	-0.1%	N/A
Data Center REITs	-0.7%	+0.6%	+3.4%	N/A
AI Power & Grid	-7.4%	-4.6%	N/A	N/A
Utilities	+1.3%	+2.7%	+3.3%	N/A
Energy	-2.2%	-1.7%	+1.3%	N/A
Defense & Aerospace	-1.0%	+1.6%	+4.9%	N/A
Telecom	+2.1%	+2.0%	+6.4%	N/A
Media & Entertainment	-2.5%	-2.4%	+4.9%	N/A
Biotech	-0.1%	+2.3%	+4.0%	N/A
Materials	-1.1%	-0.3%	+2.6%	N/A
Analog & Embedded Chips	-6.4%	-5.0%	+4.8%	N/A

Sector Strength

Telecom +2.1% 20d: +6.4%

Verizon (VZ) +2.8% (20d: +6.6%), AT&T (T) +2.7% (20d: +6.5%), T-Mobile (TMUS) +0.9% (20d: +6.0%)

Utilities +1.3% 20d: +3.3%

Southern Co (SO) +2.9% (20d: +2.9%), Duke Energy (DUK) +1.6% (20d: +2.6%), NextEra Energy (NEE) -0.7% (20d: +4.5%)

Healthcare +0.5% 20d: +13.0%

UnitedHealth (UNH) +1.4% (20d: +5.3%), Eli Lilly (LLY) -0.4% (20d: +20.6%)

Sector Warnings

AI Networking & Interconnect -7.8% 20d: N/A

Amphenol (APH) -8.2%, Coherent (COHR) -7.8%, Arista Networks (ANET) -7.5%

Chip Equipment -7.4% 20d: -0.1%

KLA (KLAC) -9.5%, Applied Materials (AMAT) -7.0% (20d: +0.1%), Lam Research (LRCX) -6.7% (20d: -0.6%)

AI Power & Grid -7.4% 20d: N/A

Vistra (VST) -11.3%, Constellation Energy (CEG) -9.6%, Quanta Services (PWR) -6.4%

Chip Supply Chain -7.4% 20d: +6.6%

Intel (INTC) -8.8% (20d: +2.0%), Marvell (MRVL) -8.2% (20d: +20.3%), Advanced Micro Devices (AMD) -7.8% (20d: +5.2%)

Analog & Embedded Chips -6.4% 20d: +4.8%

Microchip Technology (MCHP) -7.0% (20d: +2.3%), Analog Devices (ADI) -6.5%, Texas Instruments (TXN) -5.8% (20d: +7.4%)

Sector Deep Dive

Chip Supply Chain bore the brunt of today's move, sliding 7.3% as investors punished suppliers on signs of near-term inventory digestion. Advanced Micro Devices (AMD) dropped 7.8% to $136.94 and Marvell (MRVL) fell 8.2% to $69.64, while Intel (INTC) plunged 8.8% to $20.10; each name is trading below its 50-day trend over the last 50 trading sessions and the 1-day losses amplified 20-day volatility. The 50-day context shows an investor focus on supply-chain earnings cadence and order flow, and traders should watch 50-day trend integrity as a confirmation point for any durable recovery.

Chip Equipment and Analog & Embedded Chips continued to correct after recent strength, with Chip Equipment down 6.7% and Analog & Embedded Chips off 6.4% for the day. Key bellwethers in this group have shown 1-day weakness that exceeds their 20-day returns, signaling a rotation away from capital goods into defensives; this compressed multiple environment leaves these names sensitive to any negative read on capacity spending across cloud and foundry customers. For tactical investors, re-entry should be considered only after stabilization above the 50-day trend and improving order-book commentary.

Utilities and Telecom acted as safe-haven sectors in this risk-off session, with Utilities up 1.3% and Telecom up 2.1%. Southern Co (SO) led utilities, rising 2.9% to $83.97, and Verizon (VZ) climbed 2.8% to $37.65; both remain above their 50-day trends and showed relative strength versus the broader market. Given the 50-day resiliency, these sectors serve as short-term defensive anchors for portfolio positioning while risk assets reprice.

Enterprise Software and Cybersecurity displayed divergent behavior inside tech: Enterprise Software fell 2.0% but remains above its 50-day trend on the 20-day outperformance signal, while Cybersecurity was down 3.1% for the day but is still materially positive over the 20-day window. UnitedHealth (UNH) is an outlier in Health-related software demand, gaining 1.4% to $572.26 and illustrating selective buyer preference for durable growth names even on a broader risk-off day. Monitor 50-day trend alignment in these names to identify sustainable leadership.

Market Breadth Analysis

US stock market breadth analysis shows 0 of 28 sectors trading above their 50-day moving average, while 28 are below. With the majority of sectors below the 50-day MA, medium-term momentum is deteriorating. The 20-day breadth shows 4 sectors in negative territory, pointing to widespread selling pressure.

Interactive Charts

S&P 500, NASDAQ 100 & Dow Jones (%)

Green shading marks breadth-below-50% regimes: BUY at the 5th session (vertical line on the fire day), STRONG at the 10th (darker). A 3rd day back above 50% ends the regime; tolerated recovery days still count toward the session total. Research display only — not investment advice.

50-Day Sector Performance

1-Day vs 5-Day Sector Change

Active Alerts

MEDIUM NVDA down -16.9% from 20-day high

Stock-Level Detail

Mag 7 (AI Spenders) Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
AMZN	$176.25	-1.3%	+1.8%	+8.8%	N/A	N/A	1
TSLA	$210.60	-1.6%	+0.7%	+5.0%	N/A	N/A	1
META	$508.35	-1.8%	-1.4%	+3.6%	N/A	N/A	1
MSFT	$403.07	-1.8%	-1.1%	+2.5%	N/A	N/A	1
AAPL	$220.92	-2.7%	-2.3%	+7.5%	N/A	N/A	2
GOOG	$157.40	-3.9%	-4.7%	-1.2%	N/A	N/A	1
NVDA	$107.82	-9.5%	-15.8%	+3.6%	N/A	N/A	1

Chip Supply Chain Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
AVGO	$149.97	-6.2%	-5.3%	+6.2%	N/A	N/A	1
TSM	$156.47	-6.5%	-5.9%	+3.3%	N/A	N/A	1
QCOM	$156.43	-6.9%	-6.1%	+2.8%	N/A	N/A	1
AMD	$136.94	-7.8%	-9.0%	+5.2%	N/A	N/A	1
MRVL	$69.64	-8.2%	+0.4%	+20.3%	N/A	N/A	1
INTC	$20.10	-8.8%	+0.1%	+2.0%	N/A	N/A	1

Memory & Storage Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
STX	$93.38	-2.8%	-3.9%	N/A	N/A	N/A	1
WDC	$47.45	-3.9%	+0.3%	N/A	N/A	N/A	1
MU	$88.03	-8.0%	-9.5%	N/A	N/A	N/A	1

EDA & Semiconductor IP Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
CDNS	$256.28	-4.7%	-4.7%	N/A	N/A	N/A	1
ARM	$123.74	-6.9%	-5.7%	+9.1%	N/A	N/A	1
SNPS	$481.22	-7.4%	-7.8%	N/A	N/A	N/A	1

Infrastructure Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
SMCI	$44.18	+0.9%	-19.3%	-28.4%	N/A	N/A	0
CSCO	$47.74	-0.9%	-1.3%	+10.9%	N/A	N/A	1
HPE	$18.14	-1.6%	-0.2%	+10.5%	N/A	N/A	1
DELL	$107.42	-4.1%	-1.0%	+16.8%	N/A	N/A	1
VRT	$75.02	-9.4%	-6.2%	+8.6%	N/A	N/A	1

AI Networking & Interconnect Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
ANET	$81.68	-7.5%	-5.5%	N/A	N/A	N/A	1
COHR	$71.88	-7.8%	-9.6%	N/A	N/A	N/A	1
APH	$60.93	-8.2%	-6.9%	N/A	N/A	N/A	1

Enterprise Software Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
ADBE	$571.04	-0.6%	+0.6%	+11.1%	N/A	N/A	1
ORCL	$136.50	-1.3%	+0.7%	N/A	N/A	N/A	1
CRM	$244.54	-1.9%	-6.1%	+4.0%	N/A	N/A	5
NOW	$167.17	-2.2%	+0.5%	+5.4%	N/A	N/A	1
PLTR	$30.51	-3.1%	-1.1%	+14.7%	N/A	N/A	1

Finance Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
JPM	$211.42	-2.0%	+0.1%	+10.0%	N/A	N/A	1
GS	$470.79	-4.5%	-3.3%	+4.3%	N/A	N/A	1

Healthcare Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
UNH	$572.26	+1.4%	+1.9%	+5.3%	N/A	N/A	0
LLY	$943.32	-0.4%	+0.2%	+20.6%	N/A	N/A	1

Retail Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
WMT	$75.79	-0.1%	+1.4%	+14.0%	N/A	N/A	1
COST	$869.01	-1.5%	-3.3%	+7.4%	N/A	N/A	1

IT Services Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
ACN	$328.92	-0.0%	+0.4%	+7.3%	N/A	N/A	1
IBM	$190.79	-0.4%	+1.3%	+7.9%	N/A	N/A	1

Airlines Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
DAL	$41.42	-0.3%	+3.8%	+10.9%	N/A	N/A	1
UAL	$43.87	-0.4%	+4.1%	+13.1%	N/A	N/A	1

Hospitality & Travel Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
MAR	$226.63	-1.7%	+1.4%	+7.3%	N/A	N/A	1
BKNG	$150.11	-2.4%	-1.7%	+11.6%	N/A	N/A	1

Food & Restaurant Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
MCD	$273.95	-0.5%	-0.8%	+6.3%	N/A	N/A	1
SBUX	$88.60	-1.5%	-5.5%	+23.7%	N/A	N/A	4

Logistics Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
UPS	$112.51	-0.8%	-0.3%	+2.1%	N/A	N/A	1
FDX	$226.99	-1.8%	-0.5%	+2.7%	N/A	N/A	1

Industrial Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
HON	$194.57	-1.5%	-0.6%	+3.3%	N/A	N/A	1
CAT	$331.95	-4.5%	-3.1%	+4.0%	N/A	N/A	1

Cybersecurity Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
PANW	$177.54	-2.1%	+1.4%	+17.6%	N/A	N/A	1
ZS	$193.19	-3.4%	-2.0%	+16.6%	N/A	N/A	1
CRWD	$66.65	-3.9%	-1.2%	+15.1%	N/A	N/A	1

Chip Equipment Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
ASML	$831.45	-6.5%	-5.0%	+0.2%	N/A	N/A	1
LRCX	$75.27	-6.7%	-6.7%	-0.6%	N/A	N/A	1
AMAT	$180.48	-7.0%	-6.3%	+0.1%	N/A	N/A	1
KLAC	$73.04	-9.5%	-8.8%	N/A	N/A	N/A	1

Data Center REITs Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
EQIX	$797.49	-0.3%	+1.7%	+6.1%	N/A	N/A	1
DLR	$141.35	-1.2%	-0.5%	+0.8%	N/A	N/A	1

AI Power & Grid Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
GEV	$191.74	-4.2%	+3.8%	N/A	N/A	N/A	1
ETN	$282.88	-5.6%	-2.1%	N/A	N/A	N/A	1
PWR	$257.06	-6.4%	-4.7%	N/A	N/A	N/A	1
CEG	$175.73	-9.6%	-9.4%	N/A	N/A	N/A	1
VST	$74.82	-11.3%	-10.5%	N/A	N/A	N/A	1

Utilities Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
SO	$83.28	+2.9%	+3.7%	+2.9%	N/A	N/A	0
DUK	$107.87	+1.6%	+3.5%	+2.6%	N/A	N/A	0
NEE	$75.92	-0.7%	+1.1%	+4.5%	N/A	N/A	1

Energy Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
XOM	$108.30	-2.1%	-1.9%	+1.3%	N/A	N/A	2
CVX	$133.14	-2.2%	-1.6%	+1.2%	N/A	N/A	1

Defense & Aerospace Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
LMT	$541.13	+0.4%	+1.8%	+5.3%	N/A	N/A	0
GD	$283.85	-1.5%	+1.6%	+3.3%	N/A	N/A	1
RTX	$116.88	-1.9%	+1.3%	+6.0%	N/A	N/A	1

Telecom Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
VZ	$37.65	+2.8%	+3.6%	+6.6%	N/A	N/A
T	$18.64	+2.7%	+4.0%	+6.5%	N/A	N/A
TMUS	$194.74	+0.9%	-1.4%	+6.0%	N/A	N/A

Media & Entertainment Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
DIS	$87.10	-1.4%	-1.9%	-0.9%	N/A	N/A	1
NFLX	$67.53	-3.7%	-2.9%	+10.8%	N/A	N/A	1

Biotech Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
GILD	$75.25	+0.9%	+3.5%	+7.4%	N/A	N/A	0
AMGN	$311.18	-1.0%	+1.1%	+0.6%	N/A	N/A	1

Materials Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
LIN	$461.95	-0.9%	+0.4%	+6.4%	N/A	N/A	1
APD	$261.55	-1.3%	-1.0%	-1.2%	N/A	N/A	1

Analog & Embedded Chips Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
TXN	$190.99	-5.8%	-4.2%	+7.4%	N/A	N/A	1
ADI	$213.00	-6.5%	-5.3%	N/A	N/A	N/A	1
MCHP	$72.32	-7.0%	-5.6%	+2.3%	N/A	N/A	1

Key Stock Movers

Today's biggest movers by absolute percentage change: Vistra (VST) (AI Power & Grid) fell 11.3% to $74.82. Constellation Energy (CEG) (AI Power & Grid) fell 9.6% to $175.73. NVIDIA (NVDA) (Mag 7 (AI Spenders)) fell 9.5% to $107.82. KLA (KLAC) (Chip Equipment) fell 9.5% to $73.04. Vertiv (VRT) (Infrastructure) fell 9.4% to $75.02. These individual stock movements were key drivers of their respective sector performance.

Risk and Opportunity Assessment

There are 1 medium-severity risk signals to monitor. While not requiring immediate action, keep an eye on the flagged sectors for further deterioration.

US Stock Market Outlook

Market internals favor caution: only 13 of 24 sectors are above their 50-day moving averages while 11 are below, and active alerts include a medium NVDA downside alert tied to a 20-day high breach. With 20 sectors down today and clear 50-day trend pressure across cyclical and chip-related groups, position portfolios defensively — favoring sectors holding above the 50-day (Utilities, Telecom, Healthcare) and trimming exposure to chip supply chain and equipment until 50-day trend confirmation returns. Watch breadth (sectors above/below 50MA) and alert counts for signals of capitulation or stabilization before adding back growth exposure.

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