(Repeats from Friday, Sept. 4, with no changes to text. Adds chart) ** S&P 500 snaps 5-week rally in volatile trading, drops 2.3% amid tech sell-off ** Indeed, September ushers in a chill ** This, as Nasdaq springs another leak , and the Nasdaq 100’s undeterred march leads to a fast-market retreat ** The SPX stared down lines, amid froth , and was repulsed! ** And as the Dow is gasping toward its high , volatility of volatility may be out of the bag ** Nearly every sector skids as energy and tech bear the brunt; tech really sends the market tanking, as sector goes from melt up to melt down ** Tech slumps 4.2%. Apple falls after its 4-for-1 stock split earlier in week. Broadcom Inc a rare bright spot during tech wreck, as chipmaker rises on strong Q4 rev forecast. Overall, chip stocks fall; report China plans to advance its own semiconductor industry. SOX loses >2% ** Communication services drops 2.5%. Stay-at-home darlings Netflix, gaming cos Activision Blizzard and Electronic Arts stumble ** Consumer staples off 0.5%. Campbell Soup worst in group, slides ~9%, on sales warning as pandemic-related lockdowns ease, restaurants reopen . But Walmart rises as retail giant unveils new membership program, touted as rival to Amazon.com Inc’s Prime subscription ** Financials dip 0.4%. Though banks rally as investors shift money from growth to value. S&P Banks index rises about 1% ** Meanwhile, Wall Street selloff bruises growth, but value still not in vogue ** SPX performance YTD: (Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
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