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Afternoon Note

Tech Rout

By Karina Hernandez, Senior Research Analyst
1/7/2022 2:08 PM

Technology stocks coming under renewed selling pressure with Nasdaq on track for its worst week since February 2021. The S&P 500 lost 0.11%, while the Dow reversed higher as investors rotated to value stocks.

The 10-year note is on the doorstep of 1.8%, up about 30 points to start the year and at its highest level since mid-January 2020. The yield has not closed above 1.74% since March 2021 but might do it today.

No wonder why financials (XLF) and regional banks (KRE) are seeing great action today. Both indexes hit a new intraday high today.

S&P 500 Index

 

-0.11%

Communication Services XLC

+0.26%

 

Consumer Discretionary XLY

 

-1.09%

Consumer Staples XLP

+0.21%

 

Energy XLE

+0.21%

 

Financials XLF

+1.01%

 

Health Care XLV

 

-0.30%

Industrials XLI

+0.35%

 

Materials XLB

 

-0.17%

Real Estate XLRE

 

-0.11%

Technology XLK

 

-0.77%

Utilities XLU

+0.64%

 
 

Carnage in the NASDAQ continues to be the emerging story today with more decliners than advancers, and more 52-week lows than highs.

We are seeing a change in leadership in the market as individual stocks see more volatility than compared to the indexes, and investors reconsider tech stocks as interest rise.


Comments
Yep, made a bundle on SQQQ.

Richard Hidalgo on 1/7/2022 2:21:59 PM
 

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