Summary
Down periscope! Monday was another ugly day for major stock indices, sectors, industries, and individual stocks. And, once again, it occurred on higher-than-average volume, a sign of institutional selling. The S&P 500 (SPX) dropped 1.8%, the S&P 100 fell 2%, the Nasdaq gave back 2.6%, the Nasdaq 100 (QQQ) lost 2.2%, and the S&P 400 and S&P 600 fell between 2.3% and 2.4%. Both the Nasdaq and the QQQ made new pullback lows, with the Nasdaq closing right on its 200-day average -- the first time the index has hit its 200-day since August 2024. The QQQ got within points of its 200-day before rallying a bit at the end of the day. The SPX held its intraday and closing lows from January, but not by much. Energy (XLE) declined 3.5% on big weakness in coal (-7%), E&P (-4.4%), oil equipment and services (-4.2%), and integrated O&G (-3.4%). Information Technology cratered 3% as semiconductors and renewable energy equipment plunged 3.5% to 6.6%. The iShares Semiconductor ETF (SOXX) is now testing its lows from 2024, while the VanEck Semiconductor ETF (SMH) has some room before reaching those lows. Materials fell 2%, Consumer Discretionary lost 1.8%, Industrial declined 1.4%, Communication Services was off 1%, and Financial dipped 0.8%. Just another risk-off day for stocks. Distribution days are p
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