It was the worst week for the S&P 500 in 2 years (-2.7%) which speaks more to how smooth things have been on that index than anything too horrible with this week’s performance. The NASDAQ had a weak period this spring but if you recall the S&P 500 and Dow Jones had not been hit very hard at all as people rotated out of growth names into safety stocks in April and May. For the day the S&P 500 fell 0.29% and the NASDAQ 0.39%. Indexes started higher on the monthly employment data but sold off later in the day. This is different than the pattern we have seen for 2 months where almost every morning buyers came into the market. As for the labor data it was perversely “good news” for the market as it was not a great jobs report – a lot of traders want the Federal Reserve at their back forever so any jobs data that shows a lot of improvement is actually now going to be seen as “bad”.Continue reading
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