Major Indices rallied but fell short for the second time this week, Nasdaq underperformed
Another day in the red for the major indexes after market closed today, Tuesday, April 20th. Tech stocks are experiencing massive shifts and pull backs, enough to set a mood on the stock market.
Defensives includes real estate, healthcare and staples, while cyclical stocks are like financials, consumer discretionary and industrials. Due to this, market weakness might be observed for a while.
Despite the weak finish, the Dow and S&P are still hovering near their record levels. The two have been edging higher week by week for four consecutive weeks and minute losses such as what happened two consecutive days are still bearable. Record also shows that year to date growth of stock are at 10.8%.
Here are the key moves in today's session:
NASDAQ Composite took full brunt of tech stocks dropping and with almost 1% losses for 2 consecutive days, it is inching closer to neutralizing year to date gains, albeit it is still a long way before that.
The Dow Jones Industrial Average is not too far off record level despite stepping down for 2 days consecutively. Biggest pull back factors still came from tech, leisure and cyclical stocks.
S&P 500 lost the least out of the 3 major indexes, and are still expecting to turn it around on the following days after the reports from other companies, such as Netflix, are released today after market close. 9% of companies under S&P have released their reports, with 81% of them exceeding expectations.
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