- Nasdaq Composite -5.6% YTD
- Russell 2000 -2.0% YTD
- S&P 500 +0.4% YTD
- Dow Jones +1.3% YTD
The Dow fell 99.65 points, while the S&P lost 12.25. It was the lowest closes for both indexes since April 11. The Nasdaq fell 37.58, its lowest level since March 10.
Bank stocks, which have slumped this year on expectations that the Federal Reserve isn’t in a hurry to raise interest rates, declined further.
The Nasdaq Biotechnology index, often a beneficiary of investors’ appetite for risk, sank 2.9%, bringing its losses over the past week to 7.1%.
The trading day began on a lower note as investors weighed a slew of economic reports from overseas and the U.S. Lackluster readings of PMI’s from Germany, France, and the eurozone weighed on global equities while a below-consensus reading of the U.S. ADP Employment Report for April pushed equity futures back towards their lows.
The energy space (-1.3%) was lower because of larger than expected builds in crude oil.
The Nasdaq is very heavy and has broken about five moving averages in the last week. The stock has had a bad nine days. Its on some support, lets see if it holds.
I added DXCM as a short today.
A big level to watch for the S&P is the 2040 level. This level is lateral support on the chart as well as the 50 day moving average.
See you in the morning.