At the open this morning, the SPDR S&P 500 ETF Trust (SPY) and Nasdaq Invesco QQQ Trust Series I (QQQ) sold off a bit on disappointing earnings from Apple (AAPL) and Amazon (AMZN). These two stocks were down more than 2% each and this dragged down those two major indices this morning but they’ve since rebounded.
What’s notable is market breadth was positive with the NYSE advance/decline +420 at midday. This is a complete reversal from yesterday in which SPY and QQQ hit new highs but market breadth was a decidedly negative 880. These just reinforce that one refers to “the stock market” by looking at the major indices, which are market cap weighted, you are really talking about a handful of stocks.
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