It’s been tough sledding so far today, especially for the tech heavy Nasdaq, which had been down 500 points earlier in the session, dropping below its 50-day moving average.  The losses were stemmed on comments from Fed Chair Powell that he is staying the course on rates and bond buying.  The economy, jobs and inflation still have a way to go before there is any change in direction.

Speaking of inflation, Powell doesn’t seem too concerned, stating it was “soft.” He added further,  “The economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved.”

FAANG stocks and many of the high-fliers are down significantly from their highs, including:

• AAPL -15.5%
• AMZN -11.8%
• FB -13.9%
• GOOG -5.5%
• NFLX -9.9%
• PTON -28.9%
• ROKU -17.1%
• ZM  -36.6%

On the flip side, the reopening trades are rocking. Pent up demand to get out there and travel is driving up shares of airlines, cruise operators, and vacation related stocks.  Consumer confidence rose to a 3- month high to 91.3 in February from 88.9, as more people plan vacations.

Energy continues to be the best performing sector despite WTI being down today. Technology is the laggard by far.  

Breadth is decidedly negative, especially on the Nasdaq, where decliners are leading advancers 5-1 and the down volume 6-1.  The declines are more muted on the NYSE.