|Day's Range||1,440.85 - 1,485.63|
|52 Week Range||1,436.43 - 1,742.09|
A scary chart pattern, called the 'death cross,' formed in the chart of the S&P 500 on Friday, signaling traders that there could be more selling ahead. The death cross formation appeared in the chart of the small cap Russell 2000 index just over three weeks ago, and the Russell has lost 4.4 percent since then. The death cross means the market could stay "lower for longer," said one technical strategist.
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The Dow has averaged a gain of 1.93 percent in that time period since 1990, while the S&P 500 and Nasdaq gain 1.77 and 1.66 percent, respectively. The S&P 500 was positive between Thanksgiving and Christmas 78 percent of the time since 1990, according to Kensho. The Russell has outperformed during the holidays, rising on average 2.46 percent.
A quarter-point rate hike is still likely in December, but there might be just one more in 2019. Investors eagerly await Fed chief Jerome Powell’s speech and the big G-20 meeting between Trump and China’s leader.
Relief rally on Wall Street, as weary traders catch a break ahead of the Thanksgiving holiday. Plus - a massive Apple supplier planning deep cost cuts - what it means for the near-term future of Apple. And - it's a street fight! Broker battling broker, and its our Call of the Day. Plus - the Gap closing stores and Amazon gearing up with payments - its your retail block, coming up. Catch The Final Round at 3:00 p.m. ET with Jen Rogers, Yahoo Finance's Editor-in-Chief Andy Serwer and markets correspondent Myles Udland.
Stocks getting crushed again today as there's seemingly nowhere for traders to hide. Plus - Apple is a big laggard on the Dow as Goldman cuts estimates. It's the call of the day. And - Retail wreck? Strong earnings don't help as investors look to future performance. We have the latest. Plus - stocks getting smoked but do the technicals have anything positive to say? Brian Shannon reads the charts. Catch The Final Round at 3:00 p.m. ET with Jen Rogers and markets correspondent Myles Udland.
Apple and tech stocks caught the worst of it in the market rout. The Dow Jones Industrial Average tumbled 1.6% to 25,017.44, while the Nasdaq plunged 3.0%, to 7028.48.
The relative performance of small-caps versus large-caps has been trendless since 2005, the longest such period in at least 90 years
The Russell 2000 Index of smaller firms fell 0.8 percent Wednesday, capping a five-day decline that erased its year-to-date gain for a second time in as many months. Fundamentals are going against small firms, Citigroup said. Dips in earnings estimates have been more evident than large-caps and with higher leverage, smaller firms are more vulnerable to rising interest rates.
Small-cap stocks just entered the dreaded death cross, a technical development that traditionally suggests weakness ahead for an asset. The Russell 2000 , comprised of small-cap stocks, has taken it on the chin in recent weeks. On Wednesday, the index's 50-day moving average crossed beneath its 200-day moving average — what would be the "death cross" formation.
When the stock market's direction is especially uncertain, stock charts can be road maps, and now some are sending warnings. The S&P 500 closed below its 200-day moving average for a second day Tuesday, the sign of a possible trend change, while the small-cap Russell 2000 appears to be heading for a negative "death cross" formation. Market bellwether Apple closed below its 200-day moving average Tuesday, and if it stays there, strategists say it could take another leg lower and signal more negative sentiment for tech and the broader market.
"We still think that the market will move higher into the year-end," J.P. Morgan's Marko Kolanovic said in a note Wednesday. "Appropriate exposures may be high-beta indices such as Russell 2000 and MSCI Emerging Markets," Kolanovic said. Both the Russell 2000 and MSCI Emerging Markets were battered in the October market sell-off.
For most of 2018, small stocks continued to deliver the kind of double-digit returns that other asset classes could only aspire to. While the S&P 500 index posted a gain of 8.5% in the first eight months of the year, the Russell 2000 small-stock index responded with a 13.4% advance. Throughout 2018, the list of top-performing funds in The Wall Street Journal’s quarterly Winners’ Circle survey, measuring the best-performing actively managed U.S.-stock funds, has been dominated by these small-cap-growth managers.
Jim Callinan, the manager of the Osterweis Emerging Opportunity fund, is sanguine about the recent downturn and eager to get past the election and ride the “intelligence” economy.
There is also a report circulating that says President Trump is interested in reaching an agreement on trade with Chinese President Xi Jinping at the Group of 20 summit in Argentina later this month and has asked key U.S. officials to begin drafting potential terms.
The industrial giant’s residential technology unit Resideo Technologies dropped after its public stock offering. The upside could now be as much as 45%.
Technician Bob Lang says the charts of the S&P 500, Nasdaq 100 and Russell 2000 suggest the stock market could still have more downside. CNBC's Jim Cramer breaks down the red flags Lang sees and explains what they mean for investors. The stock market is "not out of the woods" despite Tuesday's positive trading session , CNBC's Jim Cramer and technician Bob Lang warned investors as stocks pared their monthly losses.
Investors flocked to small-cap stocks earlier in the year, believing they’d be insulated from trade disputes. They were wrong, and the group’s underperformance is likely to continue.