The major indices all declined today with the NASDAQ and Russell 2000 leading the way to the downside. In moving lower, the major indices all snapped winning streaks:
- S&P and Dow industrial average snapped their 4-day up streaks
- NASDAQ index snapped it two day up streak
- Apple, the bellweather for the big cap stocks, snapped it’s 11 day up streak.
The final numbers are showing:
- Dow industrial average fell -65.40 points or -0.19% at 35228.82
- S&P index fell -29.15 points or -0.63% at 4602.46
- NASDAQ index fell -177.35 points or -1.21% at 14442.28
- Russell 2000 fell -42.02 points or -1.97% at 2091.06
Looking at the S&P sectors, the winners today were led by:
- Energy, +1.2%
- Utilities, +0.8%
- Healthcare, +0.2%
The laggards today included:
- Consumer discretionary -1.5%
- Technology, -1.4%
- Communications -0.8%
Hurting the bias today was less hope for a fast end to the Ukraine war and perhaps increasing concerns for a recession down the road. The 2-10 year spread stayed close to the 0.0 basis point level (at 3.7 basis points currently). The spread going negative is often a precursor to a recession down the road.
Technically although the Nasdaq index fell away from its 100 day MA (see post here), both the S&P and Dow are closing above their 100 day MAs.
For the S&P index, it…