Afternoon Note
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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