The S&P 500 today touched the lowest since October 15 but has embarked on a strong turnaround. From the low of 6659, it's climbed to 6655, a nearly 100 point rebound. Despite that, the index is still down 15 points, or 0.2%.
Three things may have been catalysts:
- Google releasing Gemini 3 and its looks impressive
- Meta winning the antitrust case around Instagram and Whatsapp
- Trump saying that China is buying US farm goods on schedule
There is certainly some angst about Nvidia earnings tomorrow but shares have trimmed the decline to 1.2% and held the November low.
Notable movers:
- AMZN -3.6%
- MSFT -2.9%
- V -1.6%
- MA -1.8%
- UNH -2.5%
- HD -4.6% after earnings
All of them are off the lows
I think it's also notable that the Russell 2000 is in positive territory as it looks like there is rotation away from Mag7 (ex GOOG) and into other names.
