The tech-heavy index was down 1.5%, while the Dow was down 90 points, or 0.2%. The S&P 500 was down 0.7%. All this was happening on a day when 315 of the stocks in the S&P are on track to close higher. What gives?
“Some modest weakness on the surface today across the major indices, but it’s the factor unwinds showing the true story,” writes Jonathan Krinsky, BTIG’s chief market technician. “Baskets such as high beta momentum, high vs. low volatility, or retail favorites are all suffering their worst days since April.”