Summary
Stocks rode a roller coaster on Tuesday as the risk-off trade continues. While the major indices all fell, they cut their intraday losses significantly. The S&P 500 (SPX) gave back 0.5% -- but was down as much as 1.3% in the morning. The Nasdaq fell 1.4%, recovering from a 2.2% draw-down earlier in the session, and the Nasdaq 100 (QQQ) dropped 1.2% after being down 2%. The small-cap and mid-cap indices did little and market breadth was actually slightly positive on the day. Bitcoin was the big loser, plunging 4% and breaking below a trading range that has been in place for three months. Still, it did bounce after hitting its 200-day exponential moving average (EMA) near $86,000. If we see downside follow-through, things could get ugly as the size of the recent range was $19,000. Communication Services (XLC) fell 1.5%, led by weakness in the trillion-dollar market-cap stocks GOOGL (-2%) and META (-1.6%). Information Technology (XLK) gave back 1.3% as semiconductors fell 2.6%. NVDA declined almost 3%, while AVGO dipped 2.6%. Sector strength was seen in defensive Consumer Staples (+1.4%) and Healthcare (+0.9%), in addition to Real Estate (+1.1%) and Materials (+0.8%). The SPX did
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