| 2/6/2023 | Previous Day's Closing Price | Today Close | % CHANGE SINCE THE PRE-TRADING DAY CLOSE | CHANGE SINCE PRE-TRADING DAY CLOSE | |
| SPX | .INX | 4136.48 | 4111.08 | -0.61% | -25.4 |
| SPY | 412.35 | 409.83 | -0.61% | -2.52 | |
| QQQ | 306.18 | 303.59 | -0.85% | -2.59 | |
| TQQQ | 25.52 | 24.87 | -2.55% | -0.65 | |
| SQQQ | 34.67 | 35.58 | 2.62% | 0.91 | |
| SOXX | 426.09 | 419.17 | -1.62% | -6.92 | |
| SOXL | 16.93 | 16.1 | -4.90% | -0.83 | |
| SOXS | 20.02 | 21 | 4.90% | 0.98 | |
| DIA | 338.98 | 338.48 | -0.15% | -0.5 | |
| RUSSELL 2000 | IWM | 196.99 | 194.14 | -1.45% | -2.85 |
| DOW TRANSPORTATION | IYT | 243.28 | 241.3 | -0.81% | -1.98 |
| FINANCIAL | XLF | 36.59 | 36.58 | -0.03% | -0.01 |
| ENERGY | XLE | 85.96 | 85.57 | -0.45% | -0.39 |
| BIOTECH | XBI | 90.39 | 89.7 | -0.76% | -0.69 |
| CONSUMER STAPLE | XLP | 73.4 | 73.49 | 0.12% | 0.09 |
| HEALTH CARE | XLV | 132.69 | 131.95 | -0.56% | -0.74 |
| CONSUMER DISCRETIONARY | XLY | 151.35 | 151.13 | -0.15% | -0.22 |
| HOMEBUILDER | XHB | 71.21 | 69.96 | -1.76% | -1.25 |
| UTILITY | XLU | 67.91 | 68.49 | 0.85% | 0.58 |
| RETAIL | XRT | 73.56 | 72.12 | -1.96% | -1.44 |
| EMERGING MARKETS | SPEM | 35.14 | 34.8 | -0.97% | -0.34 |
| SOUTH KOREA INDEX | EWY | 63.4 | 61.59 | -2.85% | -1.81 |
| SOUTH KOREA 3X BULL | KORU | 10.31 | 9.41 | -8.73% | -0.9 |
| ARKK | 42.85 | 42.24 | -1.42% | -0.61 | |
| BITCOIN | /BTC | 23005 | 22930 | -0.33% | -75 |
| CRUDE OIL | /CL | 73.23 | 74.46 | 1.68% | 1.23 |
| GLD | 173.46 | 173.82 | 0.21% | 0.36 | |
| SLV | 20.57 | 20.48 | -0.44% | -0.09 | |
| GDX | 30.32 | 30.21 | -0.36% | -0.11 | |
| 3 MONTH | US3M | 4.71 | #DIV/0! | 4.71 | |
| 2 YR | US2Y | 4.44 | #DIV/0! | 4.44 | |
| 5 YR | FVX | 3.666 | 3.814 | 4.04% | 1.48 |
| 10 YR | TNX | 3.532 | 3.634 | 2.89% | 1.02 |
| 30 YR | TYX | 3.628 | 3.672 | 1.21% | 0.44 |
| 10Y3M (10yr 3m spread) | -1.17 | #DIV/0! | -1.17 | ||
| 10Y2Y (10yr 2yr spread) | -0.77 | #DIV/0! | -0.77 | ||
| T2107 (% stock above 200MA) | 64.87 | 62.97 | -2.93% | -1.9 | |
| T2108 (% stock above 40 MA) | 77.16 | 75.67 | -1.93% | -1.49 | |
| AAPL | 154.5 | 151.73 | -1.79% | -2.77 | |
| MSFT | 258.35 | 256.77 | -0.61% | -1.58 | |
| AMZN | 103.39 | 102.18 | -1.17% | -1.21 | |
| GOOGL | 104.78 | 102.9 | -1.79% | -1.88 | |
| TSLA | 189.98 | 194.76 | 2.52% | 4.78 | |
| NVDA | 211 | 210.89 | -0.05% | -0.11 |
Dow -34.99 at 33890.97, Nasdaq -119.50 at 11887.47, S&P -25.40 at 4111.08
The stock market traded in an uninspired manner Monday as it fell prone to continued selling interest on the heels of Friday's much stronger than expected January employment report.
The indices started the session in a southerly direction, and while they rebounded from their early lows that saw the S&P 500 slip below 4,100, they could never sustain any upward momentum. Instead, they spent much of the day moving laterally in a relatively tight trading range below their flatlines. The Dow Jones Industrial Average briefly scooted above its flatline in late afternoon trading before fading again into negative territory.
Monday's session was a day of consolidation for the market following its big run to begin the year. There wasn't a great deal of conviction on the sell side or the buy side, yet the selling interest prevailed in the midst of rising Treasury yields, festering valuation concerns, and some increased geopolitical tension after the U.S. shot down China's suspected spy balloon off the South Carolina coast on Saturday.
The 2-yr note yield jumped 17 basis points to 4.46% and the 10-yr note yield rose 10 basis points to 3.63%. In turn, the U.S. Dollar Index jumped 0.7% to 103.61.
Those moves reflected some budding angst that the January employment report will give the Fed more room to raise rates and to keep rates higher for longer. This sentiment was also evident in the fed funds futures market, which is now pricing in a 73.7% probability of a third, 25-basis point rate increase at the May FOMC meeting, according to the CME FedWatch Tool, versus only a 30% probability last Thursday (i.e., the day before the employment report).
Notably, market participants will hear from Fed Chair Powell on Tuesday when he has a "Conversation with David Rubinstein" before the Economic Club of Washington D.C., at 12:40 p.m. ET. The specter of that event presumably kept the market under wraps today as well.
The bump in market rates, though, has bumped the stock market off its bullish rails, although there was another speculative flurry seen in the AI stock space, as well as in so-called meme stocks like Bed Bath & Beyond (BBBY 5.86, +2.81, +92.1%), which alone saw approximately 240 million shares traded today.
The eye-popping price action today, though, was reserved mostly for story stocks. Catalent (CTLT 66.96, +10.91, +19.5%) was one of those stories after Bloomberg reported that it has caught Danaher's (DHR 263.66, -6.19, -2.3%) eye as a takeover target.
Otherwise, today's moves were relatively modest in scope at the sector and index level.
The communication services (-1.3%), information technology (-1.2%), and materials (-1.1%) sectors were today's biggest losers. The lone sectors to end the day in positive territory were utilities (+0.9%) and consumer staples (+0.02%).
Growth stocks and value stocks alike languished during today's trade. The Russell 3000 Growth Index fell 0.8% and the Russell 3000 Value Index dropped 0.7%.
Decliners led advancers by a 3-to-1 margin at the NYSE and by a 2-to-1 margin at the Nasdaq.
- Nasdaq Composite: +13.6% YTD
- Russell 2000: +11.2% YTD
- S&P Midcap 400: +10.2% YTD
- S&P 500: +7.1% YTD
- Dow Jones Industrial Average: +2.2% YTD
There was no U.S. economic data of note today.
Tuesday will feature the December Trade Balance Report at 8:30 a.m. ET (Briefing.com consensus -$68.5B; prior -$61.5B) and the December Consumer Credit Report at 3:00 p.m. ET (Briefing.com consensus $24.5B; prior $27.9 bln).
Notable companies reporting earnings before Tuesday's open include BP (BP), Carrier Global (CARR), Centene (CNC), DuPont (DD), Fiserv (FISV), Hertz Global (HTZ), and Royal Caribbean (RCL.
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