The market never managed to gain any traction today and finished sharply lower, with no sector able to offer leadership after small gains at the start.
The S&P closed off 2.4%, down five of the last six days and right near its lows of the session. It’s now at levels last seen in late July.
It’s a similar situation for the Nasdaq, down 3%.
The Dow ended down 1.9% and the damage would’ve been worse were it not for Nike’s rally following earnings.
All 11 S&P sectors ended lower.
Energy (NYSEARCA:XLE) was in the basement again and the sector is now down where it was in early April, just when oil futures were about to see an unprecedented slide into negative territory. Crude oil futures were flat today.
Technology (NYSEARCA:XLK) also dove. The Fab 5 megacaps all fell, with Amazon giving away much of yesterday’s sharp rally. Amazon failed to hold $3,000/share after a last-hour struggle, ending just below.
Tesla sank around 10% after dealing with reports of a network outage and an unimpressed reaction to its Battery Day event.
Adding some piquancy to today’s action, SPI Energy jumped from being a dollar stock to nearly $47, before retreating, just by announcing an EV business.
Spot gold continued its slide this week, down another 2%.
One of the few winners was Twitter, rising on an upgrade.
