S&P 500 gives it all back
The S&P 500 opened 1% higher but it's now down 0.3% in a quick turnaround. Tech is leading the way lower and the Nasdaq is down 1.6%, led by stay-at-home and virus names.
Technically, we're into the gap from yesterday and that's not good in the short term but I tend to think this is still constructive. Microsoft and Netflix weren't going to carry the rally alone and JPMorgan and financials needed to make a move at some point.
At the same time, talk like this is a reminder of how much debt is out there:
