Bears get in some swipes today as US stocks retreat, though there was never really a sense that the selling could get out of hand. Markets were overdue for a pullback, and no reason to think bulls have lost the initiative, particularly after another stealthy late dash into the bell that slices declines roughly in half.
Economic data doesn’t prove to be much of a catalyst for either camp. Weary bulls phoned it in, and rest to fight another day.
Energy, materials hit hardest. Dow Industrials down more than 140 at their low, end the session off 65.63 at 8675.24. Nasdaq Comp falls 10.88 to 1825.92, and S&P 500 ends 12.98 lower at 931.76.
Weekly jobless claims tomorrow, should be interesting to see if continuing claims will keep pressing into uncharted territory. We’ve seen some stability in the initial claims lately, but the more-important continuing number hasn’t gone down for 17 straight weeks.