• S&P 500 -54 points, or 1.2%, to 4356
  • Nasdaq -301 points, or 2.2%
  • Russell 2000 -0.8%
  • DJIA -52 points or 0.15%

This was another roller-coaster ride. Early indications were for a 40-point fall in the S&P 500 but it stumbled quickly after the open. crumbling by 126 points at the lows before bouncing and then consolidating through midday. The consolidation pattern broke to the upside at 1:30 pm ET and it was a a steady, 80-point rally in the S&P 500 from there, peaking at the start of the final hour of trading. Alas, the bulls couldn't hang on and sellers took the market down late.


Equally telling is the after hours price action. Microsoft earned $2.48 vs $2.30 expected with revenues similarly beating but it's just not enough in this market. As I wrote before earnings season, 80% of companies beat and even with that, they don't tend to do well. If you're not crushing earnings estimates, you're not going to have a good response. MSFT is down to $273 from $289.

Meanwhile, oil stocks had a monster day.