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Overnight US Market : The stock rotation continues out of high-tech and into cyclicals

  
Analysis, US Market
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Higher yields remain the catalyst

The longs in the technology stocks continue to get hammered and the rotation into the cyclical continues as fears of interest rates have traders repricing the high flyers of 2020.

The final numbers are showing:
  • S&P index -20.72 points or -0.54% at 3821.23
  • NASDAQ index -310.98 points or -2.41% at 12609.16
  • Dow industrial average rose 306.21 points or +0.97% at 31802.51
The NASDAQ index closed below its 100 day moving average for the 1st time since October 30.
Some of the oversized decliners today included:
  • Doordash -11.92%
  • Snowflake, -10.74%
  • Chewy, -8.01%
  • Zoom, -7.91%
  • Nio, -7.66%
  • Nvidia, -6.99%
  • Square, -6.74%
  • Broadcom, -6.57%
  • Palantir, -5.91%
  • Tesla, -5.86%
On the positive side, some of the Reddit meme stocks were in the big gainers:
  • Express, +62.6%
  • Gamestop, +40.1%
  • Koss, +26.79%
  • AMC, +15.52%
  • Bed Bath and Beyond, +10.32%
Airlines also rose sharply:
  • United airlines, +7.03%
  • Southwest Airlines, +6.41%
  • American Airlines, +4.94%
  • Delta Air Lines, +3.61%
Big cap high flying names of 2020 had a tough time of it today as well:
  • Facebook -3.35%
  • Amazon -1.58%
  • Apple, -4.13%
  • Netflix, -4.48%
  • Microsoft -1.79%
  • Alphabet -4.3%
Other winners included:
  • Walt Disney, +6.27%
  • Whirlpool, +3.46%
  • Ford, +3.10%
  • MasterCard, +2.9%
  • Citigroup, +2.82%
  • Cisco Systems, +2.79%
  • Exxon, +2.39%
  • General Motors, +2.29%
  • Home Depot, +2.16%

US major indices end lower. Dow, S&P and NASDAQ snap 3 day winning streak

  
Analysis, US Market
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Modest declines ahead of the presidential debate

The US stock market was relatively quiet today. The major indices all fell on the day and in the process snapped a 3 day winning streak for each.  The NASDAQ remains 8% below its record high. The S&P is some 7% below its record high.

The final numbers are showing:
  • S&P index fell -16.13 points or -0.48% to 3335.47
  • NASDAQ index fell -32.27 points or -0.29% to 11085.25
  • Dow fell -131.4 points or -0.48% to 27452.66

S&P closes just below all time high closing level.

  
Analysis, US Market
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Nasdaq rises 2.13% on the day

The major indices are all closing higher led by the Nasdaq index.
  • The Dow and S&P are up 9 of the last 10 days
  • The Nasdaq broke the 3 day losing streak.
  • The S&P rose to above the all time highest close at 3386.15 intraday,  but has closed just below that level.
  • The Dow is 2% from recouping all the 2020 losses.
The final numbers are showing:
  • The S&P index closed at 3380.35, that is up 46.66 points or 1.4%. The high reached 3387.89. The low reached 3355. 46.
  • The Nasdaq index closed up 229.41 or 2.13% at 11012.22. The high reached 11036.71. The low reached 10877.16
  • The Dow closed  up 289.93 points or 1.05% at 27976.84. The high reached  28043.89. The low extended to 27843.32.

Dow and S&P post the 1st negative week in 4 weeks

  
Analysis, US Market
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NASDAQ down for the 2nd week in a row

US major indices are ending the session with declines. For the week each of the major indices are also lower. It was the 1st negative week for the Dow and S&P in 4 weeks. For the NASDAQ is on a 2 week losing streak. The NASDAQ led the way to the downside this week with a -1.33% decline.
The final numbers for the day show:
  • S&P index -20.03 points or -0.62% at 3215.63
  • NASDAQ index -98.24 points or -0.94% at 10363.13
  • Dow -182.44 points or -0.68% at 26469.89
For the week, the NASDAQ led the way to the downside:
  • S&P index -0.28%
  • NASDAQ index -1.33%
  • Dow industrial average -0.76%
Year to date, the S&P index turned back negative on the year:
  • S&P index -0.47%
  • NASDAQ index +15.5%
  • Dow industrial average -7.25%
For the last year:
  • S&P index +6.49%
  • NASDAQ index +24.53%
  • Dow -2.93%
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