US Markets
Stocks fade as traders look past calm volatility
The major U.S. indexes slip, oil jumps, and Wednesday’s inflation report looms.
U.S. stocks end the day lower, with the S&P 500 down 0.3% to 7,728.2002, the Nasdaq Composite off 0.6% to 26,445.4453, and the Dow Jones down 0.3% to 53,791.8516. The Russell 2000 moves the other way, adding 0.3% to 3,027.1155.
Sector moves are modest but uneven. Energy rises 1.3% and Utilities gains 1.2%, while Industrials adds 0.6%. On the downside, Real Estate falls 0.7%, Communication Services drops 0.5%, and Discretionary loses 0.4%. Tech is down 0.1%, while Financials are basically flat at minus 0.0%.
Volatility keeps easing. The VIX falls to 15.28, down 1.2% on the day and down 7.4% over the past week. The VIX 9-day drops much faster, sinking 25.7% to 12.52, while the VIX 3-month and 6-month also slide 7.9% and 5.3%.
The intraday S&P 500 path is a slow grind lower. The index starts near 7,759, spends the session stepping down in small increments, and closes near 7,727. The tape stays above the 50-day and 200-day moving averages, with the index still above both levels.