The Dow is off less than 0.5%. That doesn’t seem so bad.
The S&P is off similarly.
Don’t be fooled. Things are uglier than they appear.
Both of those indices are being helped by higher oil prices, and the effect on energy companies.
Stripping that out, the situation is bad. We already mentioned the horrible performance in the transports stocks.
It’s a similar scene in tech. The NASDAQ is down about 1%. Consumer discretionaries are off 1.5%, and again, that’s being counteracted, somewhat, by a gain in utilities, which are benefiting from the flight to safety.
Here’s a look at the consumer discretionaries ETF (XLY).