All the major indices are now lower on the day with the Dow more recently turning negative and giving up a 605.23 point gain.

• Dow -99 points or -0.29% at 34068
• S&P -29 points or -0.66% at 4321.32
• Nasdaq -163 points or -1.2% at 13377
• Russell 2000 -39.97 points or -2.03% at 1936

Last year it was largely about not being able to keep a down market down. This year, there have been a number of rallies, that have fizzled and given up the gains.

In the US debt market the curve continues to flatten with the 2 year up 8 basis points while the 10 year is down around 6 basis points on the day.

The 2-10 year spread has moved to the lowest level since November 2020 as the market prices in higher rates from the Fed and slowing economy.

The major US indices moved higher soon after the FOMC decision. The Dow reached a high at up 517.94 points. The S&P rose 97.65 points. The Nasdaq rose 463.40 points. Then the markets started to unravel.

At the close the Dow closed negative. The S&P closed down marginally. The Nasdaq is closing near unchanged levels.

The final numbers are showing:

• Dow fell -129.64 points or -0.38% at 34168.08
• S&P fell -6.61 points or -0.15% at 4349.86
• Nasdaq rose 2.83 points or 0.02% at 13542.13
• Russell 2000 fell -27.56 points or -1.38% at 1976.46

The major indices were all down “by multiple touchdowns” (or the equivalent). At the lows,

• The Dow was down -1115.04 points or -3.25%
• The S&P was down -176.39 points or -4.01%
• The NASDAQ was down -674.2 points or -4.9%

Each of those major indices came roaring back and closed higher on the day.

• Dow industrial average rose 99.11 points or 0.29% at 34364.51
• S&P rose 12.19 points or 0.28% at 4410.14
• NASDAQ index rose 86.22 points or 0.63% at 13855.14

The Russell 2000 also rose. It increased 45.59 points or 2.29% at 2033.511. At the low, the Russell 2000 traded at 1931.43.

• S&P 500 down 85 points, or 1.9%, to 4397
• Nasdaq -2.4%
• DJIA -1.1%
• Russell 2000 -1.4%

On the week:

• S&P 500 -5.7%
• Nasdaq -7.6%
• DJIA –4.6%
• This is on track to be the worst January for the Nasdaq ever.