Friends
Stocks gave back some of yesterday’s gains as the bulls seemed to back away from the table just a bit. Again, the tech heavy Nasdaq fared the worst as many of the big name darlings saw selling pressure. But it wasn’t a day of rotation as recent winners, industrials, banks and energy also struggled.
By the close, the Dow Jones Industrial was down 143 points to finish the day at 31,391. The S&P 500 was down 31 points to close at 3,870. The Nasdaq Composite Index was down 230 points to close at 13,358. Gold was up $10 to trade at $1,733 per ounce, while oil was down $1.04 to trade at $59.60 per barrel WTI.
The move in bond yields seems to have stalled at the moment. The next 50 basis point move in the yield of the 10 year Treasury note will be interesting. In the meantime, stocks seem to be in somewhat of a trading range as value and growth play a game of daily tug-of-war. We’ll keep an eye out for any discernible patterns.
Have a nice evening everyone.
