Nasdaq weekly chart
I would attribute a big chunk of this week’s equity selling to quarter-end rebalancing flows and/or the front-running of those flows. There were plenty of dip buyers in Nasdaq stocks, particularly in the magnificent seven mega stocks that have been responsible for nearly all of the equity market rally this year.
On the day:
- S&P 500 -29 points, or -0.8%, to 4395
- Nasdaq Comp -0.9%
- Russell 2000 -1.0%
- DJIA -0.6%
- Toronto TSX Comp -2.7%
On the week:
- S&P 500 -1.3%
- Nasdaq Comp -1.4%
- Russell 2000 -3.0%
- DJIA -1.7%
- Toronto TSX Comp -2.7%
Here’s an early hint: The first two weeks of July are, seasonally, the strongest time of the year.