Asks Michael Ball about the technical breakdown in the S&P, noting a 2.4% drop and lowest level of the year intraday.
Romaine Bostick
Michael Ball
Explains the market had been in a tight 200-point range for three months but broke below the key 6750 support level this morning.
Michael Ball
Describes the unwinding of a popular dispersion trade (short stocks, long index) as a key market dynamic.
Reports market closes: S&P down 0.9%, Dow down 0.8%, Nasdaq down 1%, Russell 2000 down 1.8%.
Romaine Bostick
Notes all 11 sectors were in the red, with materials and industrials leading losses.
Katie Greifeld
Highlights Target and Best Buy as strong retail performers, suggesting rotation away from Mag 7 names.
Bailey Lipschultz
Calls out Tesla closing at lowest level since November and Micron under pressure.
Bailey Lipschultz
Asks Michael if technicals become more important in this type of volatile market.
Katie Greifeld
Michael Ball
States technicals are still negative, with market below moving averages, and dealers chasing downside moves based on option positioning.
Asks about yield moves and how they factor into equity valuations.
Romaine Bostick
Michael Ball
Says everything took a cue off oil today, which also impacted yields, and that tightening financial conditions is the last thing needed given the macro backdrop.
Adds that Fed members like Neel Kashkari don't expect rate cuts anytime soon.