Stocks sold off again on Friday capping off a very choppy week for the market. The Dow dropped 191-points and a tough day for large cap tech pulled down the Nasdaq and S&P 500. The small caps of the S-fund led with just a minor loss on the day, but for the week it was the small caps that lagged as rising yields has put some pressure on the smaller companies. The I-fund continues to lead for the month of March.
A late rally helped salvage a rough day on Wall Street after another inflationary economic report. The PPI report was much hotter than expected and stocks, which opened higher, started to sell off. If not for that late rally, it was looking like some kind of a washout day, but support was holding in some key areas. The losses in the three main large cap indices were moderate with each losing near 0.3%, but small caps do not like higher interest rates and bond yields were up big.
Stocks were mixed on Wednesday with the Dow and small caps up, the S&P 500 and Nasdaq down, and the I-fund flat. A lot of that had to do with Nvidia closing 1% lower on the day, which took the S&P and Nasdaq down with it, while the other indices, not directly impacted by the big tech stock, were able close positive. Bond yields were up again pushing the F-fund lower.
Stocks came roaring back on Turnaround Tuesday after a favorable CPI report came mostly inline with estimates - maybe a little hot. Another 2-3 day pullback ended for the S&P 500 as the dip buyers did their thing. Small caps lagged as yields moved up because of the slight beat on inflation data. The move higher in yields meant the bond market and F-fund declined on the day.
Friday's negative reversal day rolled over into Monday's open, as we might expect, and while we did get some negative returns at the close, the stock indices actually battled the bearish pressure and closed well off the lows of the day. The Dow actually closed in positive territory, but the weight of the losses in the semiconductor stocks kept the broader indices in the red, particularly the tech heavy Nasdaq. Bonds were down slightly as yields and the dollar ticked up.
S&P500 (C Fund) (delayed) (Stockcharts.com Real-time) |
DWCPF (S Fund) (delayed) (Stockcharts.com Real-time) |
EFA (I Fund) (delayed) (Stockcharts.com Real-time) |
BND (F Fund) (delayed) (Stockcharts.com Real-time) |
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