The major US indices have all restarted their downside moves after the reprieve after the FOMC decision yesterday.

  • The declines were led by the Nasdaq which is on track to closing below its 200 week MA for the first time since the start of the pandemic in March 2020.
  • The Dow is approaching bear market territory at -20%.
  • The S&P is moving toward -25% from it's all time high.
  • The major indices are down 6 of 7 trading days.
  • All 11 sectors of S&P are lower with the Consumer staples fairing the best at -0.66%. The Energy sector was down -5.58% even though crude oil prices were higher
  • The worst performing stock in the Dow 30 was American Express at -5.93%. Walmart was the best performer at 1.06%.

The final numbers are showing:

  • Dow industrial average fell -741.48 or -2.42% at 29927.06
  • S&P fell -123.24 points or -3.25% at 3666. 76
  • Nasdaq fell -453.05 or -4.08% at 10646.11
  • Russell 2000 fell -81.30 points or -4.70% at 1649..83

The Nasdaq index is back below the 200 week MA at 10795.16. Close below that level tomorrow would be the first close below since March 2020 at the start of the pandemic.

Nasdaq
Nasdaq is closing below the 200 week MA