S&P 500 dropped last week
You might have missed it on Friday but there was a very late selloff in stocks and books were closed out for the year. It was almost-surely an accounting trade so it should reverse early on.
The index fell 14 points to 2673 on Friday but futures are up 10 points so it should be wiped out in short order.
The risk now is that funds might be overweight equities because they didn't want to sell stocks until after year-end when the new tax rules went into effect. That selling could begin today.
The spot to watch will be last year's high-flyers like the FAANG stocks.
