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US stocks (^DJI, ^IXIC, ^GSPC) close Wednesday's session mixed, with the Dow Jones Industrial Average falling by half a percent and the Nasdaq Composite barely above its flat line, coming off the January Consumer Price Index (CPI) inflation data released this morning.
Market Domination Overtime host Julie Hyman recaps the day's market and sector performances.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
This post was written by Luke Carberry Mogan.
That's the closing bell on Wall Street and now it's market domination overtime. Let's take a look at what we saw when all was said and done today. We have the Dow falling by 225 points or so, about a half of 1%. The S&P 500 off by a quarter of 1% and the Nasdaq very, very slightly in the green here. All of this in the wake of a CPI report, consumer inflation report that came out this morning, hotter than estimated both in the core and on the headline level. So raising some alarm bells for some strategists who, in addition, were taking their cues from what we saw with the 10-year where we saw a big move up about 10 basis points, or 10th of 1%, um, in that rate. Um, it was interesting the conversation we had with Michael Kantrowitz earlier, Piper Sandler, because he pointed out that even though we saw, for example, the S&P kind of come off the lows over the course of this session, if you look underneath the hood, things didn't look great. For example, the equal weight performing worse, which indicates more broad breadth decline. So broader declines there. Small caps doing worse, but even with the small within the small caps, the S&P 600, which is the more profitable of the small cap companies down more, 1.3%. And then he also talked about the sectors and where we were seeing the most acute selling. So even though we, again, we saw the S&P coming off the lows, there were only two groups, well, and consumer discretionary not really in the green, call it flat, and communication services very little changed to the upside. And then you saw selling in areas like energy being led lower by oil prices, real estate lower, materials lower, industrials, financials. So definitely saw some selling concentrated in certain areas that are more rate sensitive here, as we saw those rates push higher a little bit. I'm going to call up the leaderboard too, which is a favorite of our friend Jared Blickry. This looks at some of the more market leading groups within the market that is. We so we had Kweb, Chinese internet stocks doing well along with Arc, up GBTC Bitcoin higher today. Um, and then on the flip side we had regional banks and home builders. Again, rate sensitivity really helping lead some of the declines that we saw in today's session.
