AMZN, SBUX weigh on consumer disc.
The major indices remain in a slow, steady decline. Weak semiconductor stocks are a drag on the broader market. The PHLX Semiconductor Index is down 1.2%. Weakness in its semiconductor components, along with losses in Apple (AAPL 177.36, -0.61, -0.4%) and Microsoft (MSFT 432.36, -7.33, -1.7%), is driving the underperformance of the S&P 500 information technology sector (-0.9%).The consumer discretionary sector (-1.4%) is another top laggard, partially weighed down by Amazon.com (AMZN 135.83, -4.15, -3.0%) and Tesla (TSLA 263.37, -1.80, -0.7%). A Reuters report suggested that morale at AMZN's device division has suffered as staff has been cut back and pipeline dwindles.Starbucks (SBUX 94.34, -2.41, -2.5%) is another losing standout from the consumer discretionary sector after a Reuters report indicated SBUX is facing a consumer lawsuit. Shares were also downgraded to Market Perform from Outperform at TD Cowen.