Sellers continued in the US stocks at the start of the day, especially in the Nasdaq and S&P indices.
Each of them continued what was started yesterday when both had their worst trading day since the end of 2022. For the S&P it fell -36.17 points before bottoming. For the Nasdaq it tumbled -308.45 points a day after falling -655 points. That’s like close to -1000 points.
Then things turned around with the S&P moving to +64 points at the high for the day. The Nasdaq moved to up 202.05 points at session highs (a 500+ point turnaround)..
However, the gains were not meant to be and both are closing the day down on the day. The Dow and the small-cap Russell 2000 indices bounced higher as the flow of funds come out of tech and into the underperforming sector..
The final numbers for the indices are showing:
Dow Industrial Average average plus 81.20 points or 0.20 percent at 39935.08S&P index fell -27.89 points or -0.81% at 5399.23NASDAQ index tumbled -160.69 points or -0.93% at 17181.72
The small-cap Russell 2000 rose 27.60 points or 1.26% at 2222.98.
Looking at the Magnificent 7:
Meta Platforms -1.70% Amazon, -0.54%.Nvidia -1.72%Alphabet -3.10%Apple -0.48%Microsoft -2.45%Tesla bucked the trend and rose 1.97%
Some other big losers today included car companies (Ford GM and Stallantis) and some medical companies including Boston Scientific, Stryker, and Intuitive Surgical:
Ford Motor (F): -18.36%Stellantis NV (STLA): -7.70%Western Digital (WDC): -7.67%General Motors (GM): -5.08%Boston Scientific (BSX): -4.50%AMD (AMD): -4.39%Stryker (SYK): -3.81%Intuitive Surgical (ISRG): -3.81%Qualcomm (QCOM): -3.16%
This article was written by Greg Michalowski at www.forexlive.com.
