It could have been worse, but the major indices close lower on the day

  
Analysis, US Market

It could have been worse…

The major indices closed lower on the day but each saw a modest turnaround into the close. Nevertheless,

  • the NASDAQ index is now 6% from its all-time high close.
  • The S&P index is 2% off its all-time close which was just on Friday
  • The major indices are down for the first two days of this week
  • Tech was the worst performing sector

PPI at record levels soured the mood as it moved to +9.6% for the year. Other than that, the market was quite and void of news as traders prepare for the FOMC decision tomorrow and other central bank decisions on Thursday (SNB, ECB and BOE).

The final numbers are showing:

  • Dow industrial average -106.79 points or -0.30% at 35544.17. The low reached -0.59%
  • S&P index -34.88 points or -0.75% at 4634.10. The low reached -1.35%
  • NASDAQ index -175.63 points or -1.14% at 15237.65. The low reached -2.05%
  • Russell 2000 index is trading down -20.84 points or -0.96% at 2159.65.
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