Reply To: Traders Market Weekly: Geopolitics, ECB and Apple


The month is closing down for all the major indices, and the major indices are also closing down for the 4th consecutive day.

Dow industrial average -279.8 points or -0.828% at 31511.08
S&P index -31.13 points at -0.78% at 3955.02
NASDAQ index -66.92 points at -0.56% at 11816.21
Russell 2000-11.480 points or -0.62% at 1844.11

For the calendar month

Dow industrial average fell -4.07%
S&P fell -4.,26%
Nasdaq fell -4.64%
Russell 2000 fell -2.24%

Today communication services was the only sector that moved higher and that was by the smallest of margins (+0.01%).
The biggest decliner was materials which fell -1.21%. Consumer discretionary fell -1.06% and Energy fell -0.94%

Ten of the 11 S&P 500 sectors closed in the red while communication services was flat. Meta Platforms (META 162.93, +5.77, +3.7%) boosted sector performance, partly fueled by Snap’s (SNAP 10.88, +0.87, +8.7%) better than expected revenue guidance while also benefiting from some month-end buying interest in a beaten-up mega-cap stock.

The information technology sector closed near the bottom of the pack after heavy selling in HP Inc (HPQ 28.71, -2.39, -7.7%) and Seagate Technology (STX 66.96, -2.46, -3.5%). The former issued disappointing EPS guidance with its earnings report while the latter lowered prior Q1 EPS guidance.

Only two S&P 500 sector managed to hold onto gains for the month, utilities with a 0.1% gain and energy with a 2.2% gain.

Separately, energy complex futures settled mixed. WTI crude oil futures fell 2.4% to $89.41/bbl while natural gas futures rose 0.9% to $9.14/mmbtu.

The Treasury market was mixed with the 2-yr note yield falling two basis points to 3.44% while the 10-yr note yield rose two basis points to 3.13%. Treasury yields rose sharply on the month with the 2-yr note yield climbing 54 basis points while the 10-yr note yield rose 49 basis points.