Averages end down again in absence of tech leadership
- The shakeout in the megacap stocks continued, pulling the broader
market down for the second day in a row.
- The S&P ended off 0.8%. The Nasdaq closed down 1.3% and has been lower
in 7 of the last 10 sessions. The Nasdaq 100 (NASDAQ:QQQ) dropped back
below its 50-day SMA. The Dow was off 0.5%.
- The market made a late-morning charge, but technology weakness
persisted and no sectors could take the baton. Late buying helped the
major
indexes close off their lows.
- All the Fab 5 ended lower. Facebook, off 3.3%, sank the most. All five
are down more than 10% from their early September highs. Alphabet held a
test of its 100-day SMA.
- Communications Services (NYSEARCA:XLC) and Real Estate (NYSEARCA:XLRE)
were the worst performers.
- Materials (NYSEARCA:XLB) was the only sector showing some traction,
although Industrials (NYSEARCA:XLI) also edged higher as GE, 3M,
Caterpillar and Deere rose.
- Ford also bounced higher, up 3.8%, as the company announced more
details of its electric F-150.
- Crude futures rose 2%, above $41/barrel and Saudi Arabia's energy
minister took shots at overproducing countries and "gamblers" on oil.
|Yesterday, 4:02 PM|6 Comments
- The shakeout in the megacap stocks continued, pulling the broader
market down for the second day in a row.
- The S&P ended off 0.8%. The Nasdaq closed down 1.3% and has been lower
in 7 of the last 10 sessions. The Nasdaq 100 (NASDAQ:QQQ) dropped back
below its 50-day SMA. The Dow was off 0.5%.
- The market made a late-morning charge, but technology weakness
persisted and no sectors could take the baton. Late buying helped the
major
indexes close off their lows.
- All the Fab 5 ended lower. Facebook, off 3.3%, sank the most. All five
are down more than 10% from their early September highs. Alphabet held a
test of its 100-day SMA.
- Communications Services (NYSEARCA:XLC) and Real Estate (NYSEARCA:XLRE)
were the worst performers.
- Materials (NYSEARCA:XLB) was the only sector showing some traction,
although Industrials (NYSEARCA:XLI) also edged higher as GE, 3M,
Caterpillar and Deere rose.
- Ford also bounced higher, up 3.8%, as the company announced more
details of its electric F-150.
- Crude futures rose 2%, above $41/barrel and Saudi Arabia's energy
minister took shots at overproducing countries and "gamblers" on oil.
|Yesterday, 4:02 PM|6 Comments
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