“The S&P 500 pulled back 3 percent to break below 2,700. The broad index had traded positive earlier on Monday as the tech sector briefly rose,” Imbert reports. “The S&P 500 also traded down more than 5 percent from an all-time high set last month and broke below its 50-day moving average, a key technical level.”
“The Nasdaq composite declined 2.4 percent after rising as much as 0.5 percent. Earlier gains in Apple and Amazon helped the tech-heavy index trade off its lows,” Imbert reports. “Stocks were pressured by a fast rise in interest rates last week. The benchmark 10-year yield rose to its highest levels in four years. Overnight, it reached 2.88 percent before trading around 2.75 percent. The major indexes also capped off their worst weekly performance in two years on Friday. The Dow and S&P 500 pulled back 4.1 percent and 3.9 percent, respectively, last week. The Nasdaq lost 3.53 percent.”
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MacDailyNews Take: Sometimes you have to go lower in order to go higher.
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