Wendy's (WEN)

September 20, 2017

Stocks are mixed in early trading (Dow +16 pts; SPX flat; Nasdaq -.24%). We’ve seen a rotation in the last couple of weeks away from defensive sectors (i.e. utilities, consumer staples) and toward cyclicals (industrials, financials, energy, materials). This seems to be driven by a rebound in interest rates & oil; it’s hard to say how long that will last. This morning, transports are up 1.5%, biotechs are up .7%, and energy stocks are up about .6%. We are seeing some uncharacteristic weakness in semiconductors after Apple (AAPL) admitted lower pre-orders for the new iPhone 8 because consumers are waiting for the iPhone X. 


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