Dow trading much weaker than S&P
Nike is pulling down the index on a disappointing sales forecast
The Dow Jones is trading much more weakly than the S&P 500, dragged down by Nike on the athletic footwear maker’s disappointing sales forecast. The Dow is down by 0.33% at 10 a.m. vs. a 0.11% fall for the S&P. Retail REITs, department stores, and home furnishings are the laggards in the S&P along with footwear. In the S&P 100, financials continue to show significant losses as rates come down, but energy and industrial names are mostly stronger, with bellwether FedEx up 1.68% and Apple up 0.68%. This isn’t a panic but rotation based on expected earnings.