The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) snap their long-running win streak, closing Thursday’s session lower while the Dow Jones Industrial Average (^DJI) rose by 300 points. The S&P 500 briefly crossed over 5,500 intraday before falling.
Market Domination Overtime Host Julie Hyman takes a look at the S&P Equal Weight Index (^SPXEW) and market volatility levels (^VIX), while Jared Blikre monitors the top trends and performers across key sectors.
For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.
This post was written by Luke Carberry Mogan.
Video Transcript
Now it is market domination over time.
We’re joined by Jared Blicker to get you up to speed on the action from today’s session.
Let’s start with where the major averages ended the day.
Still seeing a mixed picture here with the dow up about 300 points.
It’s about three quarters of 1% the S and P 500 down about a quarter of 1%.
And the NASDAQ leading declines off by 8/10 of 1%.
Now, lately, the past few days, I’ve been checking on this sort of broadening thesis, right, that things are gonna broaden beyond tech.
Well, today, that’s actually sort of happening that S and P equal weight index outperforming uh the S and P 500.
And that’s because you see that underperformance of tech today taking a little bit of a hit and then a more broad gain overall energy, by the way, also a part of that upward movement that we are seeing something else that I know Jared Blick is gonna be watching very closely as well is what’s going on utility and volume wise today.
And tomorrow we’ve got index rebalancing, we’ve got witching.
That is expiration of futures and options contracts.
So, you know, will we see more of an uptick in the V maybe we’ll definitely see more volume uh when it comes to people changing, positioning ahead of all of those other changes, Jared.
Yeah, glad you mentioned that Julie something like $5 trillion in notional options going to expire tomorrow.
Plus we have S and P rebalancing.
Remember that whole issue with XL, that’s tomorrow.
So stay tuned for that.
Uh As you said, Julie, you know, the dow is up today and the NASDAQ is down.
It’s been the flip of that for, I don’t know how many days.
Uh but we’re seeing the dow get its light in the sun today and uh let’s check in on the sector action where we see energy that is the number one spot up over 1% actually closer to 2% by utilities and financials and communication services, health care materials that rounds out the top row and then tech the biggest loser to the downside.
And in what I’m calling the chip apocalypse.
Well, is it a disaster?
No, NVIDIA is down 4%.
But we haven’t seen a really red day like this in the semiconductors in some time.
So I’m going to get into that with Josh in about 30 minutes.
And uh speaking of Josh back to you
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