It was looking like it might be another strong day in equity-land but an abrupt shift in sentiment hit late in the day with chipmakers and big-cap tech turning lower. It doesn't take much to get some profit taking after a seven-week one-way move so it's not a huge surprise but it's a good reminder that risks run both ways.
On the day:
- S&P 500 -1.4%
- Nasdaq Comp -1.4%
- DJIA -1.2%
- Russell 2000 -1.3%
- Toronto TSX Comp -0.9%
Technically, the S&P 500 candle is the worst one since October and should put up some red flags. I would note that yields were down 5-8 bps across the curve which should help shore up sentiment.
SPX daily
