US equity indexes closed broadly lower, SPX -38pts (0.8%) at 4704. Nasdaq comp’ -1.2%. Dow -0.8%. The Transports settled -1.7%. R2K -2.7%
sp’60min
Summary
closing hour action: choppy, if leaning lower to break a new intraday low of 4699. S/t momentum settled moderately negative.
*awaiting minor earnings from CALM, SLP, RGP
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… and that concludes a Wednesday. It was a bearish day, but again… nothing that merits even mild hysteria. Price action remains choppy, if leaning weak.
Mr Market is arguably looking for any excuse to bounce. If the ADP jobs comes in good… then ‘good news is good news’, if bad… then ‘bad news is good news’ on a lower rate outlook.
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notable bond yield proxy: TNX, daily
The US 10yr printed (if briefly) 4.00%
More broadly… 3.25% appears due.
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notable banking ETF: KRE
Mostly just lower with the main market. Red gap effectively filled.
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notable stock: SOFI
The s/t bulls washed out, largely due to the downgrade from KBW.
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A day of sunshine/showers. At least its mild, 12c/54f, with little need for heating. Have a good evening
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more later on the VIX and Indexes by 6pm EST