The S&P 500 below 4,000
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Stocks had a difficult week after suffering a huge sell-off on Monday, adding to last week’s losses. The S&P fell below the 4,000 mark for the first time in the last 13 months. The Nasdaq also recorded a negative milestone, closing below 12,000 for the first time since November 2020.
Traders continue to worry that high-interest rates could trigger a recession. The S&P 500 was -3.2% at the close yesterday, at 3,991.24 moving back 132.10 points, the Nasdaq at -4.3%, falling 521.41 points to finish at 11,623.25, and the Dow closed at -2.0%, yielding 653.67 points to close the trade at 32,245.70. The latter was highly affected by Amazon’s poor earnings results, with for the following 12 months at less than $4K.
With a drop of more than 8%, led the decline of the S&P sectors, coinciding with the drop in oil by almost 7% to a level below $ 103 a barrel. The real estate and consumer discretionary sectors are also down, while the only industry that has seen a very modest gain is that of necessities.
With its highest level since 2002, the dollar index has put pressure on . The bond market sees the 10-year Treasury yield consistently above the 3% level. The 10-year yield lost 9 points, while the 2-year yield dropped ten basis points to 2.59%.
Cryptocurrencies have also lost ground, with now below its all-time high of around 50%. Bitcoin lost about 10% at the close of the day on Wall Street, losing approximately 10% on the day, dropping below 31,000.