Communication Services Sector Lags
The major averages continue holding modest gains with the S&P 500 (+0.2%) sitting seven points below today's high. There are now five sectors trading in the red while six groups remain in positive territory. The communication services sector (-0.5%) was among early pockets of relative strength, but it now trades lower. The group has dipped back below its 50-day moving average but more than half of its components are still in the green. However, the largest components by weight trade in the red. Facebook (FB 248.10, -3.54, -1.4%) has fallen to its 200-day moving average (247.75) while Alphabet (GOOG 1739.60, -14.80, -0.8%) is sliding toward this week's low after finding resistance near its 50-day moving average (1762.76).