Nasdaq index hit hard for the second consecutive day
It's been a rough start for the tech-heavy Nasdaq index as it fell -1.18% today. That comes after a -1.63% decline on the first trading day of the year (yesterday).Today, the declines were broad-based with the Dow Industrial Average, the S&P index, the Russell 2000, and the NASDAQ all declining by at least -0.77%. The Russell 2000 of small-cap stocks was the hardest hit index with a decline of -2.66%. That came despite lower 10-year yields (at 3.912% and down -3.2 basis points). What is clear is the market is shifting out of the gainers coming into the end of year as the flow of funds shifts.A snapshot of the closing levels shows:Dow Industrial Average fell -284.85 points or -0.76% at 37430.20S&P index fell -38.00 points or -0.80% at 4704.82.Nasdaq index fell minus 173.74.4 -1.18% at 14592.20The Russell 2000 index of small-cap stocks fell -53.59 points or -2.66% at 1959.20.Technically, the Nasdaq index is closing just above its 200-hour moving average at 14585.18 (closed at 14592.20 but did trade below the level at 14577.44 intraday). The NASDAQ index has not closed below that moving out since November 1Of interest is the S&P index fell and even -27.00 points on the first day of the trading year. On the second day, the index fell an even -38.00 points. I just find that a little improbable/interesting. This article was written by Greg Michalowski at www.forexlive.com.
It's been a rough start for the tech-heavy Nasdaq index as it fell -1.18% today. That comes after a -1.63% decline on the first trading day of the year (yesterday).
Today, the declines were broad-based with the Dow Industrial Average, the S&P index, the Russell 2000, and the NASDAQ all declining by at least -0.77%. The Russell 2000 of small-cap stocks was the hardest hit index with a decline of -2.66%. That came despite lower 10-year yields (at 3.912% and down -3.2 basis points).
What is clear is the market is shifting out of the gainers coming into the end of year as the flow of funds shifts.
A snapshot of the closing levels shows:
- Dow Industrial Average fell -284.85 points or -0.76% at 37430.20
- S&P index fell -38.00 points or -0.80% at 4704.82.
- Nasdaq index fell minus 173.74.4 -1.18% at 14592.20
The Russell 2000 index of small-cap stocks fell -53.59 points or -2.66% at 1959.20.
Technically, the Nasdaq index is closing just above its 200-hour moving average at 14585.18 (closed at 14592.20 but did trade below the level at 14577.44 intraday). The NASDAQ index has not closed below that moving out since November 1
Of interest is the S&P index fell and even -27.00 points on the first day of the trading year. On the second day, the index fell an even -38.00 points. I just find that a little improbable/interesting. This article was written by Greg Michalowski at www.forexlive.com.
