Join

Enter Details

Comment on stories, receive email newsletters & alerts.

@
This is your permanent identity for Gizmodo, Kotaku, Lifehacker and Business Insider Australia
Your email must be valid for account activation
Minimum of 8 standard keyboard characters

Subscribe

Great discounts, competitions and special offers from our partners.
Email newsletters aren't ready to go out just yet, but will contain a brief summary of our top stories, news alerts, plus details of competitions and reader events.
Having issues creating your account? Contact Support

Forgotten Password

Enter Details


Back to log in

STOCKS RALLIED THEN FELL: Here's What You Need To Know

Coney Island new york city cyclone ride roller coaster

It was a pretty quiet day.  The stock market spent most of the day in the green.  And then turned south.

First, the scoreboard:

  • Dow: 14,927.9, -47.3, -0.3%
  • S&P 500: 1,612.0, -1.7, -0.1%
  • NASDAQ: 3,431.2, -3.2, -0.1%

And now, the top stories:

  • Again it was a quiet day for data.  Everyone’s waiting for the jobs report on Friday and the start of earnings season on Monday.  Everyone else is probably on vacation.
  • The market actually surged at the open, then went sideways, and then dropped.  Stifel Nicolaus’ Dave Lutz dubbed it the “Bart Simpson” formation.  He had three reasons: 1) “derisking” ahead of the holiday, 2) the potential downgrades of the big custodian banks (Lutz said BNY Mellon, Northern Trust,  and State Street may be cut by Moody’s), and 3) the deteriorating situation in Egypt.
  • Don’t Miss: JPMorgan Put Together The Ultimate Guide To The Market Right Now »

Follow Business Insider Australia on Facebook, Twitter, and LinkedIn