SPX daily
The S&P 500 is sitting near the lows of the day, down 52 points to 5079. It’s down 1.0% and threatening a three-candle reversal.
Worse is the Nasdaq, which is down 1.8%. Early on, it was Tesla and Apple dragging down the index but more recently, it’s been chipmakers with Intel, Broadcom and Qualcom lagging.
It’s been one-way traffic in tech stocks so far in 2024 but with Powell set to testify tomorrow and the potential for a hawkish turn, some are taking the opportunity to cut exposure.