P&G props up the Dow, while energy and semis slide

Semiconductor stocks are sliding after Microchip Technology (MCHP) told investors that weak demand from China will result in a revenue shortfall. Investors took that as a cue to sell the entire sector via the iShares SOXX semiconductor ETF (SOXX). It's getting walloped by more than 6% today and 10% for the week. As go the semis, so eventually goes the tech sector as a whole (QQQ).

Energy stocks couldn’t escape the carnage either, the Power Shares S&P small cap energy ETF (PSCE) is getting creamed today and it's down 10% for the week. When energy prices collapse, these are the companies that get whacked. What's good for consumers at the pump is lousy for this group.

When trading is volatile, as we have seen this week via the volatility index (^VIX), investors seek shelter in safer names such as Procter and Gamble (PG) and Pepsi (PEP), both included in the Staples Select Sector ETF (XLP) which is enjoying gains of around 1%.

So, it turns out not everything is awful. Defensive plays, including tobacco, worked for investors along with other stuff people either gotta have or particularly enjoy after a week like this.