Day Traders Diary
The major averages continued their decline as the 10-year Treasury yield fell to its lowest level since September 2017. The Dow Jones Industrial Average dropped 221.36 points to 25,126 after declining as much as 400 points. The S&P 500 slid 0.7% and Nasdaq Composite declined by 0.8%. A portion of the yield curve further inverted as 3-month Treasury bills last yielded 2.36%, well above the 10-year rate. A yield curve inversion is seen by traders as a potential sign that a recession is in the horizon.
Bank shares fell along with yields. Bank of America and J.P. Morgan Chase both slid more than 0.2%. Citigroup dipped 0.1%. Shares of the three banks had dropped more than 1% earlier in the day.
The S&P 500 broke below 2,800, a key technical level watched by traders. The broad index also traded around its lowest level since late March.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.