Nasdaq down -1.54% on the day. Ouch
The major indices are all closing lower today with the Nasdaq leading the way lower.
- S&P fell -23.40 points or -0.86%
- Nasdaq fell -116.54 or -1.54%
- Dow fell -165 points or -0.68%
The XLF, a financial ETF is down for the 13th day in a row as yields fall and the yield curve flattens. Tomorrow is the 2nd part of the bank stress test. This one is centered on whether the banks have room for distribution of dividends or buybacks. That should be bullish but with 13 days down in a row, it is becoming hard to stop the trend.
