Market falls in broad-based selloff as COVID worries mount
- Megacap and momentum names are retreating along with recovery plays,
leading to a broad selloff as jitters about new lockdown restrictions in
Europe increase.
- The Nasdaq (COMP) is the weakest of the major averages, off 1.4%. The
S&P (SP500) is losing 1.2% and the Dow (NYSEARCA:DIA) is down 1.1%.
- All 11 S&P sectors are in the red.
- The Fab 5 megacaps are falling, although Alphabet seeing some support
nearly the flatline, following three weeks of gains around 10%.
- Momentum names like Tesla and Nvidia are also lower and tech is
feeling some pain in the smaller summer high-flyers, with Fastly tumbling
30% following weak guidance.
- Energy (NYSEARCA:XLE) is the weakest sector, a gauge for the
expectations of global economic activity. Crude off more than 3% and
fighting the $40/barrel line.
- On the U.S. economic front, jobless claims and continuing claims
remain elevated, but there is some noise in the numbers due to problems
with California's reporting.
|Today, 9:34 AM|18 Comments
- Megacap and momentum names are retreating along with recovery plays,
leading to a broad selloff as jitters about new lockdown restrictions in
Europe increase.
- The Nasdaq (COMP) is the weakest of the major averages, off 1.4%. The
S&P (SP500) is losing 1.2% and the Dow (NYSEARCA:DIA) is down 1.1%.
- All 11 S&P sectors are in the red.
- The Fab 5 megacaps are falling, although Alphabet seeing some support
nearly the flatline, following three weeks of gains around 10%.
- Momentum names like Tesla and Nvidia are also lower and tech is
feeling some pain in the smaller summer high-flyers, with Fastly tumbling
30% following weak guidance.
- Energy (NYSEARCA:XLE) is the weakest sector, a gauge for the
expectations of global economic activity. Crude off more than 3% and
fighting the $40/barrel line.
- On the U.S. economic front, jobless claims and continuing claims
remain elevated, but there is some noise in the numbers due to problems
with California's reporting.
|Today, 9:34 AM|18 Comments
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