Client Portal
Fortinet
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FTNT
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$94.56
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-1.54%
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$95.44
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$95.67
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$94.15
Mark L. Newton, CMT AC
Head of Technical Strategy
Thu, February 8, 2024 | 3:38PM ET
Another day which is more interesting than the SPX net change might indicate with prices just marginally "green" at +0.06% at 4997.37 hovering just below 5000. Both Small and mid-caps are up sharply today, while both US Treasury yields and US Dollar have pushed higher. Large-Cap Tech influence is showing a rare period of underperformancce as FTNT-1.54% , AAPL-2.25% , ORCL-5.30% , AMD-4.76% are all lower. Yet the strength of MPWR, ON, ANET, NXPI, AVGO gains are helping Semiconductor stocks and the broader equal-weighted Technology sector to show gains of more than 1%. Thus, while markets might seem flat today, Tech is actually showing some stellar outperformancel along with Equal-weighted Discretionary. Both of these RSPT-1.95% and RSPD-1.28% are up more than double what XLK-2.18% and XLY-0.98% are showing in Thursday's trading. As discussed previously, SPX 5000 has no real significance outside of psychological reasons, and likely should be surpassed next week.
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Markets
Nasdaq Composite
|
19161.6
|
-1.63%
|
S&P 500 INDEX
|
5799.7
|
-1.61%
|
10Y Treasury Yield
|
4.776
|
+1.77%
|
Last updated: 2025-01-10 16:10:01