Reply To: Traders Market Weekly: Rates, Banks and Herd Mentality


Market Close
Dow -162.26 at 39313.64,
Nasdaq -44.35 at 16384.47,
S&P -15.99 at 5218.19

A sharp move lower in the late afternoon with no specific catalyst left the S&P 500 near its worst level of the session, down 0.3%. The Nasdaq Composite logged a 0.3% decline and the Dow Jones Industrial Average fell 0.4% while the Russell 2000 eked out a 0.1% gain.

Weakness in some mega cap and semiconductor stocks also contributed to the negative bias today.

Alphabet (GOOG 151.15, -0.62, -0.4%), Meta Platforms (META 503.02, -6.56, -1.3%), and Apple (AAPL 170.85, -1.43, -0.8%) were among the influential laggards after news that the EU commission opened non-compliance investigations against them.

Weakness in the semiconductor space was related to news that China will not allow chips from AMD (AMD 178.63, -1.02, -0.6%) and Intel (INTC 41.83, -0.74, -1.7%) to be used in government computers.

Boeing (BA 191.41, +2.56, +1.4%) announced that CEO Dave Calhoun plans to step down as CEO at the end of 2024.

Eight of the 11 S&P 500 sectors registered losses ranging from 0.2% (health care) to 0.7% (industrials). The energy sector logged the biggest gain by a wide margin amid rising oil prices ($81.95/bbl, +1.33, +1.7%).

Rising Treasury yields acted as another headwind for stocks today. The 10-yr note yield rose four basis points to 4.25% and the 2-yr note yield rose three basis points to 4.63%. On a related note, today’s $66 billion 2-yr note auction was met with soft demand.

S&P 500:+9.4% YTD
Nasdaq Composite: +9.2% YTD
S&P Midcap 400: +7.5% YTD
Dow Jones Industrial Average: +4.3% YTD
Russell 2000: +2.3% YTD

  • This reply was modified 1 month, 3 weeks ago by Truman.