The biggest losers among S&P sectors are General Merchandise Stores (-7%), Hyper- and Supercenters (-7%), Drug Retail (-5%), and Food Distribution (-4.5%). Deflationary value destruction is at work in the food sector–one more “idiosyncratic” factor plaguing the Fed’s failed inflation forecasts.

Amazon is the star performer in the S&P 100, up 3.5% in early trading. Target, Costco, Walmart, CVS and Walgreens are the worst performers.