Dow, S&P 500, Nasdaq Fall; Intel, Nvidia, Costco, Micron, More Movers; Bitcoin, Ethereum Fall Again
The stock market was back to its lows of the day. So much for “buy the dip.”
The Dow was back down 307 points, or 0.7%, after recovering from its lows earlier in the session. The S&P 500 dropped 1%. The Nasdaq Composite fell 1.1%
The big three indexes were all on track to fall for a third day in a row. The S&P 500 is down 1.4% during this stretch.
The Dow, S&P 500 and Nasdaq haven’t all fallen together three days in a row since March 28, according to Dow Jones Market Data.
In the past five years, the S&P has fallen for three days in a row on 68 occasions. The average decline during such periods is 2.7%.
While markets are paying attention to efforts in Congress to avert a government shutdown, market participants also timed the selling just as the S&P 500 moved into “overbought” territory.
ETFs focused on risk, small-caps, momentum, value, dividends, and growth were all getting hit. Five of the Magnificent Seven stocks were also down, with Nvidia and Apple serving as exceptions with modest gains. The only S&P 500 sector on the rise was energy.
