US Markets
Tech drags Wall Street lower as volatility picks up
The major U.S. averages finish in the red, with defensives leading and rate pressure still in the background.
U.S. stocks end lower, and tech does most of the damage. The S&P 500 falls 0.5% to 7533.77, the Nasdaq Comp. drops 1.5% to 25881.9473, and the Dow Jones gives back 0.2% to 52552.9688. The Russell 2000 is almost unchanged, down 0.1% to 2974.5669.
The sector tape leans defensive. Consumer Staples rises 2.8%, Health Care adds 2.2%, and Real Estate gains 2.0%. Energy, Utilities, Financials, Industrials, Materials, and Discretionary all finish higher too, though by smaller amounts. Tech is the clear laggard, down 2.2%, while Communication Services slips 0.6%.
The market also prices in more nervousness. The VIX rises 6.8% to 16.73, and the VIX 9-day jumps 25.4% to 13.98. Treasury yields move up as well, with the 5-Yr at 4.282%, the 10-Yr at 4.569%, and the 30-Yr at 5.098%.
Options flow tilts cautious. SPY shows a put-call ratio of 1.1, and QQQ sits at 1.28. SPY’s most active put strike is 750.0, while QQQ’s is 705.0. The intraday S&P line is a flat-to-lower drift, with the index starting near 7546.7 and ending at 7533.8.