00:00 Julie Hyman
Let’s just pause and take the closing bell here on Wall Street, um, as we close out another unusual day in the markets here. Not as much selling, but an unusual day. So let’s talk about where the major averages ended the day. The Dow actually doing the worst of the three major averages today, which is a little bit different than what we’ve been seeing recently where the brunt of the selling has been borne by the Nasdaq. Right now we got the Dow down by about 350 points, off about 1% as we spoke about. There were some misguided headlines earlier in the day that caused a brief spike in the Dow, but besides that, it has been the most consistently lower of the three major averages. The S&P 500 down about a quarter of 1% when all was said and done, but it too flirted with positive a couple of times. And the Nasdaq actually did manage to gain by the end of the day with the uh tech names being the strongest performers as groups, even though there were some notable outliers, but overall, seeing tech perform the best today, even though it was just up a tenth of 1%. Jared Blecker’s got a closer look at the action today. Hey, Jared.
01:55 Jared Blikre
Thank you, Julie. Up down, the name of the game has been volatility. The true range of the S&P 500, that’s basically how much it fluctuated up and down 8%. We haven’t seen that in quite some time. You and I are going to do a postmortem uh in about 30 minutes, so I’ll save the the best for that uh that conversation. But let’s take a look at the VIX real quickly. So, uh, settling down about 48 43. I like to look at the bond market VIX as well. This is going to be a year-to-date. That is at year-to-date highs and we saw the 10-year T-note reverse upwards. The yield was up 17 basis points today. Here’s an intraday. That is a lot to happen in the bond market. But let’s get to some heat maps so we can get a visual idea of what’s been going on today and tech, tech managed to end up 63 basis points. Not quite up to the highs that we saw earlier this morning on that false news, uh but nevertheless, impressive that we were able to find any green today. Communication services as well, uh in the green. And then to the downside, real estate down 2.4%, materials, utilities, staples, consumer discretionary, all down 1% or more. And here’s the final tally on the Nasdaq 100. Really mixed picture, especially with regard to the mega caps. You got Apple down 3.5%, uh Microsoft down half, Tesla down 2.5%, but Broadcom up 5%, Meta up two and Nvidia up three and a half. And so we’re just seeing these big outside movements here, and we also see this in the Dow to some degree. Uh we’re talking earlier, Home Depot down three and a half percent, Travelers down three and a half percent, but JP Morgan, which issued a little guidance this morning ahead of Friday, that was up 2%. And let’s take a look at the transports as well, kind of a mixed picture there. Uber up one and a half percent, United in the green up almost 2%. For the most part, though, seeing a lot more red than green. FedEx and UPS each down more than 2%. And taking a look at some of our leaders here, uh we got we got socks, we got chip stocks in the leadership position. Those were up 2.3%. And then to the downside, the biggest decline we saw was in Bitcoin, which plunged below 80,000. We’ll also talk about that in a few minutes, Julie.