US Stock Market Sector Analysis – Wednesday, September 04, 2024 Sectors: MIXED

The US stock market opened on a risk-off tone after a sharp NVDA-related technical alert and a mixed earnings backdrop. The headline was the [MEDIUM] NVDA down -18.3% from 20-day high alert, which rippled through chip supply chain and chip equipment names while Tesla (TSLA) led gains with a +4.2% jump to $219.41. Cybersecurity weakness was acute today as Zscaler (ZS) plunged -18.7% to $157.13, dragging the Cybersecurity sector down 8.0% for the session. Overall breadth was split: 8 sectors up, 9 down and 7 flat, and the Mag 7 (AI Spenders) group slipped -0.1% on the day despite pockets of strength.

Market Condition Dashboard

US 10-Year Treasury Yield

Neutral

3.77%

falling

Impact

Confidence

Crude Oil (WTI)

Neutral

$69.20

-1.6% 1D

Impact

Confidence

VIX (Fear Index)

Elevated Caution

21.3

+2.9% 1D

Impact

Confidence

Put/Call Ratio (5D)

Caution

0.75

Call-Heavy · stable

Impact

Confidence

Signal analysis only — not investment advice

Sector Heatmap (1D)

Memory & Storage +1.57%

Analog & Embedded Chips +1.04%

IT Services +1.01%

Utilities +0.93%

AI Power & Grid +0.74%

Retail +0.70%

AI Networking & Interconnect +0.54%

Chip Supply Chain +0.52%

Logistics +0.45%

Defense & Aerospace +0.41%

Media & Entertainment +0.39%

Airlines +0.34%

Enterprise Software +0.32%

Finance +0.11%

Food & Restaurant -0.02%

Mag 7 (AI Spenders) -0.06%

Healthcare -0.07%

Materials -0.15%

Biotech -0.34%

Industrial -0.35%

Hospitality & Travel -0.46%

Data Center REITs -0.51%

Chip Equipment -1.06%

Telecom -1.19%

EDA & Semiconductor IP -1.29%

Energy -1.51%

Infrastructure -1.62%

Cybersecurity -7.97%

≤-3%0≥+3%

Sector Performance (Base=100)

AI and Technology Sector Analysis

AI-related positioning showed bifurcation between compute beneficiaries and software/infrastructure names after the NVDA alert. NVIDIA (NVDA) $106.04 remains the fulcrum — the alert tightened risk premia for chip equipment players like ASML (ASML) $799.14 while chip supply chain desks watched AMD $140.87 rally on relative strength. Large AI spenders such as Microsoft (MSFT) $403.30 and Amazon (AMZN) $173.33 held near-term pressure as investors rotated into select infrastructure and enterprise software beneficiaries like IBM (IBM) $194.86.

US Stock Sector Overview

Sector	1D	5D	20D	vs 50MA
Mag 7 (AI Spenders)	-0.1%	-2.2%	+5.6%	N/A
Chip Supply Chain	+0.5%	-2.1%	+10.1%	N/A
Memory & Storage	+1.6%	-1.2%	N/A	N/A
EDA & Semiconductor IP	-1.3%	-4.4%	+12.9%	N/A
Infrastructure	-1.6%	-3.0%	+8.8%	N/A
AI Networking & Interconnect	+0.5%	-6.1%	N/A	N/A
Enterprise Software	+0.3%	+0.7%	+9.7%	N/A
Finance	+0.1%	-1.4%	+6.9%	N/A
Healthcare	-0.1%	+1.2%	+14.6%	N/A
Retail	+0.7%	+0.9%	+12.6%	N/A
IT Services	+1.0%	+2.4%	+8.8%	N/A
Airlines	+0.3%	+5.8%	+13.7%	N/A
Hospitality & Travel	-0.5%	-0.8%	+10.9%	N/A
Food & Restaurant	-0.0%	-1.1%	+15.1%	N/A
Logistics	+0.4%	+0.1%	+4.7%	N/A
Industrial	-0.3%	-1.5%	+3.6%	N/A
Cybersecurity	-8.0%	-7.4%	+6.9%	N/A
Chip Equipment	-1.1%	-6.6%	+0.4%	N/A
Data Center REITs	-0.5%	+0.5%	+3.7%	N/A
AI Power & Grid	+0.7%	-2.6%	N/A	N/A
Utilities	+0.9%	+3.5%	+3.5%	N/A
Energy	-1.5%	-2.4%	-0.6%	N/A
Defense & Aerospace	+0.4%	+0.6%	+4.7%	N/A
Telecom	-1.2%	+0.9%	+4.8%	N/A
Media & Entertainment	+0.4%	-0.4%	+7.5%	N/A
Biotech	-0.3%	+0.5%	+6.4%	N/A
Materials	-0.2%	-0.3%	+3.1%	N/A
Analog & Embedded Chips	+1.0%	-2.3%	+8.5%	N/A

Sector Strength

Memory & Storage +1.6% 20d: N/A

Seagate (STX) +4.1%, Micron (MU) +0.8%, Western Digital (WDC) -0.2%

Analog & Embedded Chips +1.0% 20d: +8.5%

Analog Devices (ADI) +1.4%, Texas Instruments (TXN) +1.1% (20d: +10.3%), Microchip Technology (MCHP) +0.6% (20d: +6.7%)

IT Services +1.0% 20d: +8.8%

International Business Machines (IBM) +1.4% (20d: +9.4%), Accenture (ACN) +0.6% (20d: +8.2%)

Utilities +0.9% 20d: +3.5%

NextEra Energy (NEE) +1.4% (20d: +5.2%), Duke Energy (DUK) +1.1% (20d: +3.2%), Southern Co (SO) +0.2% (20d: +2.1%)

AI Power & Grid +0.7% 20d: N/A

GE Vernova (GEV) +3.7%, Vistra (VST) +1.2%, Constellation Energy (CEG) -0.1%

Sector Warnings

Cybersecurity -8.0% 20d: +6.9%

Zscaler (ZS) -18.7% (20d: -5.5%), CrowdStrike (CRWD) -2.7% (20d: +12.4%), Palo Alto Networks (PANW) -2.5% (20d: +13.8%)

Infrastructure -1.6% 20d: +8.8%

Super Micro (SMCI) -4.1% (20d: -14.1%), Dell (DELL) -1.5% (20d: +23.9%), Hewlett Packard Enterprise (HPE) -1.5% (20d: +12.3%)

Energy -1.5% 20d: -0.6%

Chevron (CVX) -1.8% (20d: +0.0%), Exxon Mobil (XOM) -1.2% (20d: -1.2%)

EDA & Semiconductor IP -1.3% 20d: +12.9%

ARM Holdings (ARM) -2.3% (20d: +12.9%), Cadence Design Systems (CDNS) -0.8%, Synopsys (SNPS) -0.8%

Telecom -1.2% 20d: +4.8%

Verizon (VZ) -3.4% (20d: +3.0%), T-Mobile (TMUS) -0.9% (20d: +4.6%), AT&T (T) +0.7% (20d: +6.9%)

Sector Deep Dive

Chip Supply Chain: Today the Chip Supply Chain average finished up +0.1% but showed mixed internals as AMD advanced +2.9% to $140.87 while Intel (INTC) reversed -3.3% to $19.43. Over the 50-day window the group sits BELOW its 50MA, signaling that short-term momentum is weaker despite pockets of strength; traders are parsing NVDA flow (NVDA $106.04) and equipment order chatter for direction. Relative strength in select foundry/compute suppliers contrasts with pressure on legacy CPU names, underlining a rotation toward AI-capable wafer and packaging suppliers.

Chip Equipment & Infrastructure: Chip Equipment fell -1.6% on the day with ASML (ASML) down -4.0% to $799.14 and Infrastructure names like Super Micro (SMCI) slid -4.1% to $42.35. This 50-day trend is BELOW the 50MA for the equipment cluster, and the NVDA alert amplified downside in capital expenditure- linked names as order visibility for upgrades tightened. The divergence between equipment weakness and spare-parts beneficiaries suggests near-term capex timing is being re-priced by market participants.

Cybersecurity: Cybersecurity led decliners, plunging -8.0% driven by an outsized move in Zscaler (ZS) which dropped -18.7% to $157.13; the sector sits BELOW its 50MA over the last 50 days. The sell-off reflects renewed growth-sensitivity concerns — names that had been bid as secular winners are reacting to shorter-duration execution risk and multiple compression. For sector analysis, this is a classic de-risking event where investors re-assess revenue visibility and fiscal-year guidance trajectories rather than abandoning the long-term thesis.

Utilities & Retail: Defensive and consumer discretionary bifurcated with Utilities up +0.9% and Retail up +0.7%, both ABOVE their 50MA over the 50-day look. NextEra Energy (NEE) rallied +1.4% to $77.01, and Retail strength continues to reflect resilient consumer spending patterns that have supported a +12.8% 20-day move in the group. In a market with 12 sectors above and 12 below the 50MA, these pockets of defensive strength offer a ballast against episodic tech volatility.

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 -18.3% from 20-day high

Stock-Level Detail

Mag 7 (AI Spenders) Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
TSLA	$219.41	+4.2%	+6.6%	+14.4%	N/A	N/A	0
META	$509.32	+0.2%	-0.8%	+4.9%	N/A	N/A	0
MSFT	$402.54	-0.1%	-0.4%	+2.6%	N/A	N/A	2
GOOG	$156.61	-0.5%	-4.1%	-1.8%	N/A	N/A	2
AAPL	$219.02	-0.9%	-2.5%	+5.3%	N/A	N/A	3
AMZN	$173.33	-1.7%	+1.5%	+6.5%	N/A	N/A	2
NVDA	$106.04	-1.7%	-15.4%	+7.4%	N/A	N/A	2

Chip Supply Chain Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
AMD	$140.87	+2.9%	-3.8%	+9.5%	N/A	N/A	0
QCOM	$158.44	+1.3%	-3.8%	+5.9%	N/A	N/A	0
MRVL	$70.49	+1.2%	+3.6%	+26.2%	N/A	N/A	0
AVGO	$151.28	+0.9%	-2.6%	+13.1%	N/A	N/A	0
TSM	$156.84	+0.2%	-4.9%	+3.8%	N/A	N/A	0
INTC	$19.43	-3.3%	-0.9%	+2.3%	N/A	N/A	2

Memory & Storage Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
STX	$97.19	+4.1%	+1.5%	N/A	N/A	N/A	0
MU	$88.73	+0.8%	-5.9%	N/A	N/A	N/A	0
WDC	$47.36	-0.2%	+0.8%	N/A	N/A	N/A	2

EDA & Semiconductor IP Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
SNPS	$477.53	-0.8%	-6.4%	N/A	N/A	N/A	2
CDNS	$254.13	-0.8%	-3.4%	N/A	N/A	N/A	2
ARM	$120.95	-2.3%	-3.5%	+12.9%	N/A	N/A	2

Infrastructure Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
VRT	$74.88	-0.2%	-6.8%	+11.7%	N/A	N/A	2
CSCO	$47.39	-0.7%	-0.3%	+10.2%	N/A	N/A	2
HPE	$17.87	-1.5%	-1.2%	+12.3%	N/A	N/A	2
DELL	$105.76	-1.5%	-2.2%	+23.9%	N/A	N/A	2
SMCI	$42.35	-4.1%	-4.5%	-14.1%	N/A	N/A	1

AI Networking & Interconnect Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
COHR	$73.90	+2.8%	-6.2%	N/A	N/A	N/A	0
ANET	$81.51	-0.2%	-4.4%	N/A	N/A	N/A	2
APH	$60.33	-1.0%	-7.5%	N/A	N/A	N/A	2

Enterprise Software Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
ORCL	$137.72	+0.9%	+2.1%	N/A	N/A	N/A	0
ADBE	$575.25	+0.7%	+2.6%	+12.0%	N/A	N/A	0
PLTR	$30.59	+0.3%	+0.8%	+16.2%	N/A	N/A	0
NOW	$166.97	-0.1%	+2.5%	+7.5%	N/A	N/A	2
CRM	$244.17	-0.2%	-4.3%	+3.2%	N/A	N/A	6

Finance Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
GS	$473.86	+0.7%	-1.9%	+4.3%	N/A	N/A	0
JPM	$210.49	-0.4%	-0.9%	+9.4%	N/A	N/A	2

Healthcare Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
UNH	$577.52	+0.9%	+2.7%	+6.7%	N/A	N/A	0
LLY	$933.24	-1.1%	-0.3%	+22.6%	N/A	N/A	2

Retail Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
COST	$880.34	+1.3%	+0.2%	+9.7%	N/A	N/A	0
WMT	$75.86	+0.1%	+1.5%	+15.5%	N/A	N/A	0

IT Services Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
IBM	$193.47	+1.4%	+2.8%	+9.4%	N/A	N/A	0
ACN	$330.95	+0.6%	+2.0%	+8.2%	N/A	N/A	0

Airlines Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
UAL	$44.17	+0.7%	+6.9%	+14.0%	N/A	N/A	0
DAL	$41.42	+0.0%	+4.8%	+13.5%	N/A	N/A	0

Hospitality & Travel Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
BKNG	$149.53	-0.4%	-2.5%	+14.9%	N/A	N/A	2
MAR	$225.39	-0.5%	+0.9%	+6.9%	N/A	N/A	2

Food & Restaurant Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
MCD	$276.35	+0.9%	+0.9%	+7.5%	N/A	N/A	0
SBUX	$87.79	-0.9%	-3.1%	+22.7%	N/A	N/A	5

Logistics Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
UPS	$113.76	+1.1%	+1.4%	+4.2%	N/A	N/A	0
FDX	$226.49	-0.2%	-1.1%	+5.3%	N/A	N/A	2

Industrial Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
HON	$195.22	+0.3%	+0.3%	+4.1%	N/A	N/A	0
CAT	$328.54	-1.0%	-3.3%	+3.2%	N/A	N/A	2

Cybersecurity Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
PANW	$173.07	-2.5%	-1.2%	+13.8%	N/A	N/A	2
CRWD	$64.83	-2.7%	-1.8%	+12.4%	N/A	N/A	2
ZS	$157.13	-18.7%	-19.0%	-5.5%	N/A	N/A	2

Chip Equipment Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
KLAC	$73.40	+0.5%	-7.4%	N/A	N/A	N/A	0
LRCX	$75.15	-0.2%	-5.1%	+2.2%	N/A	N/A	2
AMAT	$179.51	-0.5%	-5.4%	+2.3%	N/A	N/A	2
ASML	$798.10	-4.0%	-8.6%	-3.1%	N/A	N/A	2

Data Center REITs Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
DLR	$140.69	-0.5%	-0.7%	+1.3%	N/A	N/A	2
EQIX	$793.12	-0.5%	+1.7%	+6.1%	N/A	N/A	2

AI Power & Grid Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
GEV	$198.79	+3.7%	+8.5%	N/A	N/A	N/A	0
VST	$75.75	+1.2%	-7.1%	N/A	N/A	N/A	0
CEG	$175.48	-0.1%	-8.4%	N/A	N/A	N/A	2
ETN	$281.94	-0.3%	-1.6%	N/A	N/A	N/A	2
PWR	$255.13	-0.7%	-4.4%	N/A	N/A	N/A	2

Utilities Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
NEE	$77.01	+1.4%	+2.8%	+5.2%	N/A	N/A
DUK	$109.05	+1.1%	+3.9%	+3.2%	N/A	N/A
SO	$83.48	+0.2%	+3.9%	+2.1%	N/A	N/A

Energy Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
XOM	$106.98	-1.2%	-2.1%	-1.2%	N/A	N/A	3
CVX	$130.75	-1.8%	-2.7%	+0.0%	N/A	N/A	2

Defense & Aerospace Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
LMT	$548.34	+1.3%	+2.5%	+5.4%	N/A	N/A	0
RTX	$116.99	+0.1%	+0.2%	+6.3%	N/A	N/A	0
GD	$283.31	-0.2%	-0.8%	+2.5%	N/A	N/A	2

Telecom Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
T	$18.76	+0.7%	+3.8%	+6.9%	N/A	N/A	0
TMUS	$193.06	-0.9%	-1.0%	+4.6%	N/A	N/A	1
VZ	$36.38	-3.4%	-0.0%	+3.0%	N/A	N/A	1

Media & Entertainment Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
NFLX	$67.97	+0.6%	-0.6%	+11.2%	N/A	N/A	0
DIS	$87.22	+0.1%	-0.3%	+3.8%	N/A	N/A	0

Biotech Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
AMGN	$311.31	+0.0%	+0.3%	+5.9%	N/A	N/A	0
GILD	$74.71	-0.7%	+0.7%	+6.9%	N/A	N/A	1

Materials Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA	Down Days
LIN	$461.43	-0.1%	+0.1%	+7.2%	N/A	N/A	2
APD	$261.06	-0.2%	-0.8%	-1.0%	N/A	N/A	2

Analog & Embedded Chips Show individual tickers

Ticker	Price	1D	5D	20D	50D	vs 50MA
ADI	$216.01	+1.4%	-2.0%	N/A	N/A	N/A
TXN	$193.05	+1.1%	-1.8%	+10.3%	N/A	N/A
MCHP	$72.79	+0.6%	-3.2%	+6.7%	N/A	N/A

Key Stock Movers

Today's biggest movers by absolute percentage change: Zscaler (ZS) (Cybersecurity) fell 18.7% to $157.13. Tesla (TSLA) (Mag 7 (AI Spenders)) rose 4.2% to $219.41. Super Micro (SMCI) (Infrastructure) fell 4.1% to $42.35. Seagate (STX) (Memory & Storage) rose 4.1% to $97.19. ASML Holding (ASML) (Chip Equipment) fell 4.0% to $798.10. 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 positioning should respect the heightened technical risk after the NVDA alert (1 medium active alert) even as 12 sectors sit above their 50MA and 12 sit below, reflecting a neutral-to-bifurcated S&P 500 backdrop. Breadth metrics (8 up / 9 down / 7 flat) and the 50-day trend split argue for selective rotation: trim momentum-oriented long exposure into strength and favor high-quality defensive or cash-flow-stable names while waiting for clearer 50-day trend confirmation in cyclicals. Tactical investors should use pullbacks in structurally advantaged AI supply-chain names for selective adds and maintain tighter stops on cybersecurity and chip-equipment holdings.

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