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.
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