Resistance at closing high
The S&P 500 is trading lower by 0.4%, having faced tough resistance at its all-time closing high of 3386.15 for two straight days now. The benchmark index briefly grazed above it today and yesterday but only to have been rejected twice. Most sectors are trading lower now, with the exception being communication services (+0.1%). Cisco (CSCO 42.47, -5.64, -11.7%) remains deep in the red with a 11.7% decline following its downside guidance, while Micron (MU 46.07, -2.41, -5.0%) extends losses following its quarterly warning. Looking ahead, Applied Materials (AMAT 64.80, -1.70, -2.6%) and Baidu (BIDU 124.83, -1.28, -1.0%) are some notable companies that will report earnings after today's close.