S&P 500 fades late
- S&P 500 +1.2%
- DJIA +2.2%
- Nasdaq +0.2%
- TSX Comp +0.5%
Stocks were relatively stable in the +1.7%-2.2% for much of the day but headlines about Trump mulling sanctions on Chinese officials and firms along with restricting student visas weighed on sentiment late in the day and US stocks finished at the intraday lows.
Aside from that, there were some major divergences and rotations in the internals. High-flying tech stocks slumped while beaten-up consumer stocks jumped.
Technically, the S&P 500 broke above the 200-day moving average and 3,000 level early in the day only to close below both. That sets up a gut-check trade tomorrow.
