Slide To Session Lows
The major averages have pushed to session lows in the last half hour with the S&P 500 (-0.21%) briefly sliding below the 3370 level. The recent push lower follows a Politico report that the White House and Democrats are "miles apart" on stimulus and there is little hope of reaching a deal by September.S&P 500 constituents HollyFrontier (HFC 25.81, -1.41, -5.18%), Hewlett Packard Enterprise (HPE 9.66, -0.48, -4.73%), and Invesco (IVZ 10.76, -0.47, -4.23%) are underperforming. Barclays downgraded IVZ to Underweight as they see further EPS downside if outflows persist at elevated levels, while HFC slips on news the company will be removed from the MSCI USA Index at the end of the month.Conversely, Paycom Software (PAYC 299.44, +11.74, +4.08%) is the best-performing name in the index. The overall iShares Tech-Software ETF (IGV 292.73, +3.17) is higher by 1.09% today, helped in part by gains out of Aspen Tech (AZPN 126.16, +28.45, +29.12%).