S&P falls for fourth-straight session, but late tech surge minimizes damage
- Stocks ended lower Monday, but it was far from the wholesale shakeout
that was shaping up by midday.
- Late buying helped the major indexes rally into the close, with
Technology (NYSEARCA:XLK) leading the comeback and finishing as the only
sector in the green.
- The S&P ended down 1.2% and the Nasdaq was off 0.1%, also down for
four days in a row. The Dow closed off 1.9%, dragged down by outsize
losses from UnitedHealth, Caterpillar and 3M.
- Stocks that had been hit hard by the recent sellers were among the
best performers of the day. PayPal, AMD and Netflix all gained.
- Cyclical sectors more sensitive to potential lockdown measures, as
countries brace for COVID-19 in the colder months, struggled.
- Energy (NYSEARCA:XLE) was the worst performer, with crude futures down
3.6%, back below $40/barrel.
- Financials (NYSEARCA:XLF) also fell, with banks shaky after a report
of suspect transactions.
- Airlines were also among the worst performers, with the U.S. Global
Jets ETF (NYSEARCA:JETS) down 6.3%.
- Spot gold fell 1.9% and interest rates dipped, with the 10-year
Treasury yield down to 0.67%, off about 2 basis points.
|Today, 4:01 PM|27 Comments
- Stocks ended lower Monday, but it was far from the wholesale shakeout
that was shaping up by midday.
- Late buying helped the major indexes rally into the close, with
Technology (NYSEARCA:XLK) leading the comeback and finishing as the only
sector in the green.
- The S&P ended down 1.2% and the Nasdaq was off 0.1%, also down for
four days in a row. The Dow closed off 1.9%, dragged down by outsize
losses from UnitedHealth, Caterpillar and 3M.
- Stocks that had been hit hard by the recent sellers were among the
best performers of the day. PayPal, AMD and Netflix all gained.
- Cyclical sectors more sensitive to potential lockdown measures, as
countries brace for COVID-19 in the colder months, struggled.
- Energy (NYSEARCA:XLE) was the worst performer, with crude futures down
3.6%, back below $40/barrel.
- Financials (NYSEARCA:XLF) also fell, with banks shaky after a report
of suspect transactions.
- Airlines were also among the worst performers, with the U.S. Global
Jets ETF (NYSEARCA:JETS) down 6.3%.
- Spot gold fell 1.9% and interest rates dipped, with the 10-year
Treasury yield down to 0.67%, off about 2 basis points.
|Today, 4:01 PM|27 Comments
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