| 2/21/2023 | Previous Day's Closing Price | Today Close | % CHANGE SINCE THE PRE-TRADING DAY CLOSE | CHANGE SINCE PRE-TRADING DAY CLOSE | |
| SPX | .INX | 4079.09 | 3997.34 | -2.00% | -81.75 |
| SPY | 407.24 | 399.09 | -2.00% | -8.15 | |
| QQQ | 301.16 | 294.03 | -2.37% | -7.13 | |
| TQQQ | 24.04 | 22.35 | -7.03% | -1.69 | |
| SQQQ | 36.29 | 38.87 | 7.11% | 2.58 | |
| SOXX | 415.92 | 402.45 | -3.24% | -13.47 | |
| SOXL | 15.5 | 14.01 | -9.61% | -1.49 | |
| SOXS | 21.21 | 23.3 | 9.85% | 2.09 | |
| DIA | 338.26 | 331.25 | -2.07% | -7.01 | |
| RUSSELL 2000 | IWM | 193.13 | 187.43 | -2.95% | -5.7 |
| DOW TRANSPORTATION | IYT | 234.86 | 227.85 | -2.98% | -7.01 |
| FINANCIAL | XLF | 36.39 | 35.64 | -2.06% | -0.75 |
| ENERGY | XLE | 84.49 | 84.07 | -0.50% | -0.42 |
| BIOTECH | XBI | 86.8 | 82.77 | -4.64% | -4.03 |
| CONSUMER STAPLE | XLP | 73.68 | 73.4 | -0.38% | -0.28 |
| HEALTH CARE | XLV | 131.99 | 130.28 | -1.30% | -1.71 |
| CONSUMER DISCRETIONARY | XLY | 150.57 | 145.54 | -3.34% | -5.03 |
| HOMEBUILDER | XHB | 68.96 | 66.29 | -3.87% | -2.67 |
| UTILITY | XLU | 68.48 | 67.2 | -1.87% | -1.28 |
| RETAIL | XRT | 71.23 | 67.72 | -4.93% | -3.51 |
| EMERGING MARKETS | SPEM | 34.36 | 34 | -1.05% | -0.36 |
| SOUTH KOREA INDEX | EWY | 60.89 | 60.11 | -1.28% | -0.78 |
| SOUTH KOREA 3X BULL | KORU | 9.01 | 8.65 | -4.00% | -0.36 |
| ARKK | 41.86 | 39.31 | -6.09% | -2.55 | |
| BITCOIN | /BTC | 24535 | 24235 | -1.22% | -300 |
| CRUDE OIL | /CL | 76.56 | 76.19 | -0.48% | -0.37 |
| GLD | 171.26 | 170.62 | -0.37% | -0.64 | |
| SLV | 20.01 | 20.07 | 0.30% | 0.06 | |
| GDX | 28.41 | 28.11 | -1.06% | -0.3 | |
| 3 MONTH | US3M | 4.79 | 4.86 | 1.46% | 0.07 |
| 2 YR | US2Y | 4.62 | 4.67 | 1.08% | 0.05 |
| 5 YR | FVX | 4.036 | 4.175 | 3.44% | 1.39 |
| 10 YR | TNX | 3.828 | 3.955 | 3.32% | 1.27 |
| 30 YR | TYX | 3.888 | 3.977 | 2.29% | 0.89 |
| 10Y3M (10yr 3m spread) | -0.98 | -1.02 | -4.08% | -0.04 | |
| 10Y2Y (10yr 2yr spread) | -0.76 | -0.78 | -2.63% | -0.02 | |
| T2107 (% stock above 200MA) | 61.04 | 54.62 | -10.52% | -6.42 | |
| T2108 (% stock above 40 MA) | 68.2 | 51.74 | -24.13% | -16.46 | |
| AAPL | 152.55 | 148.48 | -2.67% | -4.07 | |
| MSFT | 258.06 | 252.67 | -2.09% | -5.39 | |
| AMZN | 97.2 | 94.58 | -2.70% | -2.62 | |
| GOOGL | 94.35 | 91.79 | -2.71% | -2.56 | |
| TSLA | 208.31 | 197.37 | -5.25% | -10.94 | |
| NVDA | 213.88 | 206.55 | -3.43% | -7.33 |
Dow -697.10 at 33129.50, Nasdaq -294.97 at 11492.30, S&P -81.75 at 3997.34
The stock market kicked off this holiday-shortened week with a broad retreat. Market participants took some money off the table following a strong start to 2023 amid rising market rates and increasing geopolitical tension. Including today's losses, the Dow Jones Industrial Average has given back all of its 2023 gains, down 0.1% on the year. The S&P 500 for its part closed the session just a whisker shy of the 4,000 level.
The 2-yr note yield rose 12 basis points today to 4.73% and the 10-yr note yield rose 13 basis points to 3.96%. Also, today's $42 bln 2-yr note auction was met with mediocre demand despite the run-up in yields. Selling efforts in the Treasury market accelerated after this morning's release of the preliminary IHS Markit Manufacturing and Services PMI readings for February, along with the softer-than-expected Existing Home Sales Report for January.
Geopolitical angst was helping to drive price action in both the bond and stock markets today. The Wall Street Journal reported earlier that China's President Xi will likely head to Moscow in April or May to meet with President Putin and encourage peace talks. That view runs counter to Secretary of State Blinken's accusation over the extended weekend, reported in The New York Times, that China is considering providing lethal assistance to Russia. Also, President Putin announced Russia will suspend its participation in the New START nuclear treaty.
Recession concerns were also in play today following disappointing full-year guidance from Dow components Home Depot (HD 295.50, -22.45, -7.1%) and Walmart (WMT 147.33, +0.89, +0.6%). A big loss in Home Depot helped to drive the S&P 500 consumer discretionary sector to last place today with a 3.3% loss.
Downside pressure from the mega cap space helped to drag the information technology (-2.4%) and communication services (-2.3%) sectors towards the bottom of the pack. The Vanguard Mega Cap Growth ETF (MGK) was down 2.4% versus a 2.0% loss in the S&P 500 and a 2.2% loss in the Invesco S&P 500 Equal Weight ETF (RSP).
All 11 sectors closed with a loss, but energy (-0.3%) and consumer staples (-0.3%) were the only sectors to decline less than 1.0%.
Notably, the CBOE Volatility Index rose 14.1% or 2.82 to 22.84 today.
- Nasdaq Composite: +9.8% YTD
- Russell 2000: +7.2% YTD
- S&P Midcap 400: +7.0% YTD
- S&P 500: +4.1% YTD
- Dow Jones Industrial Average: -0.1% YTD
Reviewing today's economic data:
- February IHS Markit Manufacturing PMI - Prelim 47.8; Prior 46.9
- February IHS Markit Services PMI - Prelim 50.5; Prior 46.8
- January Existing Home Sales 4.00 mln (Briefing.com consensus 4.12 mln); Prior was revised to 4.03 mln from 4.02 mln
- The key takeaway from the report is that sales remain pressured by high mortgage rates and economic uncertainty, which in turn have led to an extended time of existing homes for sale remaining on the market and a decided moderation in median selling prices.
Baidu (BIDU), Stellantis (STLA), TJX (TJX), Wingstop (WING), and Wolverine (WWW) are among the notable companies reporting earnings ahead of tomorrow's open.
Looking ahead to Wednesday, market participants will receive the following economic data:
- 7:00 ET: Weekly MBA Mortgage Index (prior -7.7%)
- 10:30 ET: Weekly crude oil inventories (prior 16.28 mln)
- 14:00 ET: FOMC Minutes from the January 31-February 01 meeting
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