High flying tech starting to crack
The mood in equity markets is shifting. The S&P 500 was able to briefly break above the June high of 3233 to hit 3238 but has now fallen to 3208. It's now up just 12 points.
Leading the way lower are tech stocks, particularly the momentum high-flying names. Tesla is down 3% and the Nasdaq as a whole is down 0.25%.
Value is still doing well with the Russell 2000 up almost 3% but the market dynamics are clearly changing.
That said, there were a number of fakeouts yesterday before US stocks surged late in the day. It's a tough market.
