- The S&P 500 neared fresh record closing highs, but the equal-weighted S&P 500 fell 4% over the past month, with only technology and communication services higher.
- Bond yields surged and the S&P 500 and Nasdaq retreated from record territory as Wall Street feared more potential Federal Reserve rate hikes.
- Citi told clients the November midterm elections are a fundamental non-event for S&P 500 fundamentals, with Fed policy the more critical driver.
- BTIG's Jonathan Krinsky flagged five straight sessions in which 52-week lows outnumbered 52-week highs, and warned of dispersion that rhymes with 2000.
Quotes
“It's hard to fight tech momentum right now, but we also can't ignore the extreme dispersion and increasing number of stats that rhyme with [the year] 2000.”
“would not be surprised by a Democratic sweep”
“relative sideshow versus the Fed”