U.S. equities are getting de-FAANGed again
U.S. equities are getting de-FAANGed again with tech under broad pressure, Apple again lower and selling gathering momentum ahead of the long holiday weekend. The semiconductor, auto and housing sectors remain in the spotlight to the downside, with a resumption of trade concerns in China also featuring. While the Fed is near universally expected to hike again in December, references to slowing global growth have crept into the rhetoric. The Dow is 291-points weaker, S&P faltered 33-points and NASDAQ is off 115-points ahead of the opening clang. This followed a loss of 1% on Japan's Nikkei, -2% on the HK Hang Seng and -2.3% on China's CSI. In Europe, the major bourses are down 0.4-1.2%, with the Renault-Nissan Ghosn scandal still reverberating. Retail earnings were mixed, but the sector was mostly lower after a Target -9% miss, but Best Buy -1% beat; while Kohl's -8% and Lowe's -5.8% faltered despite beats, as the tax cut halo effect wears off. Boeing slumped -2.10% after cancelling a conference call on the 737 Max issues. Housing starts is on tap next, though forecast to rebound.