News flow continues to be a major driver of the market’s daily direction. The week got off to a rough start on Monday on news that the Federal Trade Commission and the Department of Justice were going to target big-stock NASDAQ names for potentially monopolistic practices. This sent stocks like Apple (AAPL), Amazon.com (AMZN), Facebook (FB), and Alphabet (GOOG) plummeting to the downside.
The NASDAQ Composite took the brunt of the selling on Monday with a -1.61% decline vs. the Dow’s slight upside close and the S&P 500’s -0.28% decline. But news again was the culprit in sending the indexes flying back to the upside yesterday after comments from Fed Chairman Jerome Powell. Those comments were perceived as indicating that the Fed was moving away from debating whether to raise or lower rates to now focusing on the need to lower rates.
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