COMP
Nasdaq snaps 4-week win streak; S&P 500 also ends week down
- Excitement about increased likelihood of a $1.9T stimulus eventually
becoming law was no match for a decline in the megacap sectors this week.
- The Nasdaq (COMP) -0.9% and the S&P (SP500) -0.7% closed out the day
and the week lower. They both closed the week down 1.5%.
- The Dow (DJI) -0.6%, finished the week off 0.9%.
- Weak bank earnings and slumping oil prices hit cyclical stocks today,
while technology also struggled.
- The reflation trade lost steam, with rates and small-caps slipping
today.
- The 10-year Treasury yield finished around 1.09% from around 1.12% to
start the week. It had breached its highest level since a March surge,
moving to nearly 1.19%, before comments from Fed speakers quashed the
idea
of tapering of asset purchases any time soon.
- The Russell 2000 (RTY) -1.8% still closed the week up 1.4%.
- Seven of 11 S&P sectors finished in the red, with Energy (NYSEARCA:XLE)
the biggest decliner. WTI futures -2.6% closed below $53/barrel.
- Financials (NYSEARCA:XLF) followed, with Wells Fargo taking the brunt
of the bank selloff.
- Communications Services (NYSEARCA:XLC) was the one megacap sector that
bucked the downward trend, with social media rebounding after a week of
selling and video game stocks up following record sales.
|Today, 4:02 PM|5 Comments
Nasdaq snaps 4-week win streak; S&P 500 also ends week down
- Excitement about increased likelihood of a $1.9T stimulus eventually
becoming law was no match for a decline in the megacap sectors this week.
- The Nasdaq (COMP) -0.9% and the S&P (SP500) -0.7% closed out the day
and the week lower. They both closed the week down 1.5%.
- The Dow (DJI) -0.6%, finished the week off 0.9%.
- Weak bank earnings and slumping oil prices hit cyclical stocks today,
while technology also struggled.
- The reflation trade lost steam, with rates and small-caps slipping
today.
- The 10-year Treasury yield finished around 1.09% from around 1.12% to
start the week. It had breached its highest level since a March surge,
moving to nearly 1.19%, before comments from Fed speakers quashed the
idea
of tapering of asset purchases any time soon.
- The Russell 2000 (RTY) -1.8% still closed the week up 1.4%.
- Seven of 11 S&P sectors finished in the red, with Energy (NYSEARCA:XLE)
the biggest decliner. WTI futures -2.6% closed below $53/barrel.
- Financials (NYSEARCA:XLF) followed, with Wells Fargo taking the brunt
of the bank selloff.
- Communications Services (NYSEARCA:XLC) was the one megacap sector that
bucked the downward trend, with social media rebounding after a week of
selling and video game stocks up following record sales.
|Today, 4:02 PM|5 Comments
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