Twenty-four hours ago, the markets were looking forward to a corrective move higher after the FOMC put 75 basis points off the table going forward. However, the broader Nasdaq and S&P were closing right around the 100 hour MA. The technicals were not in “clear sailing” seas.
Today, the indices opened lower and some pretty poor productivity data (worst since 1947) turned the buyers into sellers and that selling did not abate for most of the day.
The Nasdaq traded to a new 2022 low. The S&P remains above its lowest low for the year but was down over -3.5%. The Dow lost 1000 points.
The final numbers are showing:
- Dow fell -1063.11 points or -3.12% at 32997.96
- S&P fell -153.30 points or -3.56% at 4146.86
- Nasdaq fell -647.15 points or -4.99% at 12317.70
- Russell 200 fell -78.77 points or -4.04% at 1871.14.