Stocks tumbled to start a holiday-shortened week.
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 154.53 | -1.28 | -0.82% | | INTC | 30.36 | -0.86 | -2.75% | | MMM | 116.60 | -5.05 | -4.15% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 154.53 | -1.28 | -0.82% | | AMD | 78.72 | -1.52 | -1.89% | | F | 15.03 | -0.13 | -0.86% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 154.53 | -1.28 | -0.82% | | AMD | 78.72 | -1.52 | -1.89% | | TSLA | 274.42 | +4.21 | +1.56% | |
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U.S. stocks slumped Tuesday, kicking off the short post-Labor Day trading week in the red. The Nasdaq Composite notched its seventh consecutive day of losses, a first since 2016. The session was marked with volatility as stocks tried to snap a three-week slide, but fell to the day's lows on stronger-than-expected economic data that spurred a sell-off in bonds. Yields on nearly all durations of U.S. Treasury bonds surged, with the rate on the 30-year closing at its highest level since 2014. The yield on the 10-year also touched its highest level since mid-June. Yields move inversely to prices. September is traditionally a volatile month. After three weeks of stocks sliding, investors may be wondering if they're nearing the bottom for markets. |
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Wall Street is of two camps: Some are looking to buy the dip as investors become increasingly bearish. Others want to hold tight while the market whips. "I haven't seen investors this negative on the market in quite some time," Craig Johnson of Piper Sandler said on CNBC's "Power Lunch." He added that this is reflected in the market and oversold indicators. "When I see levels this low I lean into the negativity and look at where I want to buy," he said. Tony Dwyer of Canaccord Genuity, however, says "don't feed the whoosh" as the market will likely struggle to find its footing until after the Federal Reserve stops hiking interest rates. "The weakness has been extreme enough to cause our most sensitive tactical indicators to suggest a pause in the selling, but our trusty weekly stochastic for the SPX continues to point to a market that lost upside momentum while in a clear intermediate-term downtrend of lower highs and lower lows," he said. "Despite the possibility of an oversold bounce, we continue to suggest not taking any major market or sector bets until we see a real pivot from the Fed — and that is likely to take more time," Dwyer added. |
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