The bounce into early afternoon turned the stock indices positive. The afternoon session has just about flipped that entire rise from opening prices. RUTX and SP400, the downside leaders, are still holding some gains, having had enough selling.
SP500 -3.13, -0.15%
NASDAQ -12.05, -0.24%
DJ30 -46.60 -0.26%
SP400 0.22%
RUTX 0.72%
SOX -0.62%
No news from the FBI as the rumor appears to be that, just a rumor.
Moreover, when you look into the jobs report particulars some glaring deficiencies show up: Full-time jobs tumbled, part-time jobs again jumped, multi-job holders surged to 8.05M, an all-time high, as citizens scramble to make ends meet. Part-time and hourly jobs continue their dominance as manufacturing continues to bleed along with energy jobs. It would be nice to be upbeat about this news, but even 'good' data is historically crappy, and when you look into the specifics, this mediocre at best data falls apart.
Market on close orders are -$900M so the selling in the afternoon is continuing on into the bell. MRVL is not holding up well so likely have to close it.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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