Friends
Last Monday kicked off a new round of volatility and today the growth stocks once again led the Nasdaq and the S&P lower. As inflation fears permeate the market and interest rates move higher the big growth names like Amazon, Google, Facebook, Apple and Microsoft have become sources of funds while the forgotten energy sector was the sole beneficiary of some buying today.
By the close, the Dow Jones Industrial Average was down 569 points to finish the day at 34,299. The S&P 500 was down 90 points to close at 4,352. The Nasdaq Composite Index was down 423 points to close at 14,546. Gold was down $19 to trade at $1,732 per ounce, while oil was down $.71 to trade at $74.74 per barrel WTI.
It was the worst day for the Nasdaq since March. As mentioned interest rates continue to tick higher with the 10 year Treasury note now sporting a yield of about 1.54%. I know that doesn’t sound like much, but the direction has been higher for a few weeks now and has gotten the attention of market participants. Buckle up, we could be volatile for a while yet.
Have a nice evening everyone.
