The US stocks opened higher, traded negative, recovered back into positive terrritory and is now back in the red. The declines are led by the Dow 30 with Salesforce, Caterpillar and Chevron moving lower the worst performers Crowdstrike which reported better than expected results after the close last night are nevertheless down -5.26% highlighting the risk to even high value, high growth stocks that are off highs but still trade at a premium – especially in a rising rate environment.
Looking at the S&P and Nasdaq indices , both are trading back below the 50% of the move up from the June lows. That is a bearish tilt each
For the S&P that 50% midpoint level comes in at 3981.08. The index currently trades at 3959 down -27 points or -0.68%. Stay below is more bearish.
For the Nasdaq it’s 50% midpoint is at 11867.93. It currently trades at 11828.01, down -54 points or -0.46%
The Dow moved below its 50% midpoint yesterday and stayed below it on the run higher near the US open. That midpoint comes in at 31967.44. The high today reached 31066.04. The current price is down -230 points or -0.73%.
At the session highs, the
- Dow was up 175.17 points ro 0.55%
- S&P was up 29.64 points or 0.74%
- Nasdaq was up 144.29 points or 1.21%