RATE RAGE

Rate Rage

10/10/18

It got ugly from the bell today as investors dumped stocks across the board. Every sector was red with the biggest losses in Technology (XLK), Communications Services (XLC), Industrials (XLI), Energy (XLE), Consumer Discretionary (XLY) and Financials (XLF) all down more than 3%. The DJIA broke its 50-day MA and the S&P 500 traded below its 100-day MA midday sending the market sharply lower as those key moving average support levels failed to hold. The NASDAQ dropped below its 200-day MA for the first time since July 2016. The Russell 2000 and DJ Transportation Index also closed the session below their respective 200-day MA. FANG and momentum stocks were some of the hardest hit groups.  Adding to investors� concerns was a warning from the IMF that global economic growth was slowing. The DJIA dropped 831.83 points (-3.15%) and settled at 25598.74. It was the Dow�s biggest point loss since a 1032.89 point tumble on 2/08/2018. The S&P 500 fell for a fifth consecutive day losing 94.66 points (-3.29%) and closed at 2785.68 while the NASDAQ sank 315.97 points (-4.08%) finishing at 7422.05.