S&P erases gains. Nasdaq down over 1%

Dow still up

As the US trading session comes to an end for stocks, the S&P index has erased all it's gains and trades at session lows.

• the S&P is down -1 point or -0.04%
• The NASDAQ is down 69 points or -1%
• the Dow industrial average hangs onto a 90 point gain, +0.3%

There has been a big rotation out of technology stocks and into big cap stocks which will benefit more from the corporate tax breaks.

CNBC reported earlier today that the biggest beneficiary of the corporate tax benefits are energy, telecom and industrials. They pay an effective rate of 35%, 33% and 32% respectively.

The sectors that pay the least are materials, healthcare and technology. They pay 27%, 26% and 24% respectively.

So a 20% corporate tax rate would benefit those companies the least and the market is taking those companies to the wood shed today.

Oh... and Bitcoin has moved back higher. Is it a flight to quality bid? Technically, after breaking below the 100 and 200 bar MA (see prior post) , the price is back above the MA lines (and topside trend line too).