[Chart courtesy of MarketWatch.com] Moving the markets The futures markets already pointed to higher prices for the Nasdaq, which had fallen as much as 12% last week before attempting a comeback. Today, it was the leader among the major indexes sporting +2.52%, while the Dow and S&P 500 lagged with gains of +0.58% and +1.04% respectively but both hit new …
Dow Hits Record—Nasdaq Shows Signs Of Fatigue
[Chart courtesy of MarketWatch.com] Moving the markets It was a tale of two markets again with the Dow ending in record territory, while the Nasdaq, after strong early gains, fell apart and closed slightly in the red. The S&P 500 closed +0.60%, but the larger gains occurred in the value sector, namely RPV with +2.25% and IJS with +2.33%; both …
Tech Bounces Back
[Chart courtesy of MarketWatch.com] Moving the markets The tech sector was “saved” last night during futures trading when China’s Plunge Protection team tried to intervene and shore up their markets. While it helped to erase some of the early losses, it was it was not enough for a total comeback. But—it halted Monday’s tech beating, sent the US indexes higher …
Bond Yields Surge—Markets Hiccup
[Chart courtesy of MarketWatch.com] Moving the markets The futures markets already indicated uncertainty, causing the Nasdaq to stumble, a trend that accelerated during the regular session with the index surrendering some -2.41%. This validated my thoughts of leaving the tech sector last week in favor of “value,” which so far has been the correct call. The Dow was unaffected by …
The Fed Fails To Deliver—Markets Tank
[Chart courtesy of MarketWatch.com] Moving the markets An opening puke in the markets gave way to a rebound back above the unchanged line, but that gain was short lived, and down we went in the afternoon session. A last hour rebound reduced some of the losses, but the three major indexes ended up in the red with the Nasdaq producing …
Jumping Bond Yields Penalize Equities
[Chart courtesy of MarketWatch.com] Moving the markets The tech sector was spanked today, as rising bond yields raised concerns about high equity valuations and a potential increase in inflation. The benchmark 10-year bond yield jumped as much as 8 basis points intra-day to 1.49% but pulled back slightly and finished the session at 1.47%. I have pointed to surging yields …