Falling yields aren't generating the kind of optimism they used to. Whether that's a function of quarter end or economic worries is an open question and we might get some clarity on that next week.
At the same time, tech is leading the way lower here and I think we'll need to see a real washout before we get a bottom.
Closing changes:
- S&P 500 -38 points or -1.0% to 3782
- Nasdaq -1.3%
- Russell 2000 -0.9%
- DJIA -0.8%
- S&P/TSX Comp (closed on Friday):-1.4%
The first half ended with the S&P 500 down 20.6%, which is narrowly better than the 1970 decline of 21.0%. For the Nasdaq, it was the worst ever
H1:
- DJIA -15.3%
- Nasdaq -29.5% (worst ever)
Q2:
- S&P 500 -16.4%
- DJIA -11.2%
- Nasdaq -22.4%
Micron reported earnings after the close and shares are down 5.2% after hours. That's not a great start for H2.