Major US stock indices are closing lower on the day, but well off the lowest levels. A late day fall in crude oil from a high of $82.16 down to the current level is $79.65 helped to shift the bias on hopes the worst has passed.
Looking at the major indices:
Dow industrial average fell 784.67 points or -1.61% at 47954.74. At session lows the index was down 1162 points.S&P index fell -38.79 points or -0.56% at 6830.71. At session lows the index is down -98.72 points.NASDAQ index fell -58.50 points or -0.26% at 22748.99. At session lows, the index was down -307.19 points.Russell 2000 fell -50.43 points or -1.91% at 2585.57. At session lows, the index was down -75.01 points.
S&P components from strongest to the weakest.
🟢 Only 3 sectors green today: Energy, Tech, and Consumer Discretionary — a somewhat unusual combination.
Energy and Tech both gaining while most cyclicals fall suggests oil price support may be driving Energy independently of broader macro sentiment.
The winner/loser split makes the story clearer:
3 sectors up, 8 sectors down — this is actually a broadly negative day for the market, with selective pockets of strengthThe average decline across losing sectors is around −1.5% — meaningful across the board
Bottom line: This is a more bearish day than the first breakdown suggested. With 8 of 11 sectors in the red and only Energy, Tech, and Discretionary holding up, the market is under real pressure — likely macro-driven with Energy acting as an independent safe haven on oil strength.
This article was written by Greg Michalowski at investinglive.com.