Dow -45.66 at 37753.31, Nasdaq -181.88 at 15683.37, S&P -29.20 at 5022.21
Today’s trade featured mostly negative action on below-average volume at the NYSE. Some early buying efforts, which were driven by a buy-the-dip mentality, faded quickly with no specific news catalyst to account for the activity. There was another attempt to move higher in the afternoon trade, which ran into some resistance but still led the major indices to close off their lows.
The overall downside vibe felt through the session was due to weakness in mega-cap stocks and semiconductor names.
ASML (ASML 907.91, -69.31, -7.1%) was the worst performer in the SOX after reporting weaker-than-expected Q1 bookings. NVIDIA (NVDA 840.35, -33.80, -3.9%) was another influential laggard from the space, clipped by ongoing consolidation efforts in stocks that have logged huge gains since the start of the year.
The soft showing from some mega-cap and semiconductor-related shares weighed on the S&P 500 information technology sector (-1.7%). Today, it was the worst-performing sector followed by the real estate sector (-0.8%).
All the indexes are now firmly below their 50-day moving averages.
I’m still watching the market puke a bit. The tape is processing the reality that we may get one rate cut or NO cuts this year. Remember, earlier in the year the pundits said 6 cuts were in the bag. Wrong again. It all makes sense, so let’s sit patiently and wait for better entries. We always get better setups, be patient which is the hardest thing to do. Avoid knife catching.
Have a great night. No rush. Patience will rewarded.
Chow was still cheap at the Masters though.
