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Author Message   Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3961 Registered: 05-2011 Posted From: 24.164.46.35 Rating: N/A Votes: 0 Posted on Monday, January 24, 2022 - 10:50 am:    Market Briefing: No reprieve yet from selling pressure The stock market picked up today where it left off Friday. Selling interest hit across the board and the major indices slumped further from the all-time highs they registered not that long ago. The Russell 2000 is down more than 20% from the closing high it set in November; the Nasdaq Composite is down 16% from the closing high it hit in November; the S&P 500 is down nearly 11% from the closing high it set on January 3; and the Dow Jones Industrial Average is down 9.0% from the closing high it reached on January 4. Today's selling interest has been precipitated by the following influences: The price action itself, which is feeding selling momentum and some panicky behavior as concerns about margin calls -- and the prospect of lower lows -- increases. Heightened geopolitical tension between Russia and the West over Ukraine (the State Dept. ordered family members of U.S. embassy workers in Kyiv to leave Ukraine). Festering worries about the Fed raising interest rates to rein in inflation (the FOMC has its meeting Jan. 25-26). All 11 S&P 500 sectors are lower with eight sectors down at least 2.2%; value stocks are down and so are growth stocks; mega-cap stocks continue to act poorly, as do stocks of all sizes; declining shares lead advancing shares at the NYSE by an 11-to-1 margin; and the CBOE Volatility Index is up 24% to 35.84. The selling is pretty indiscriminate, put buying is elevated; and Treasuries have been in demand. The 10-yr note yield, which scraped 1.90% early last week, is back to 1.71%. Some weaker than expected preliminary manufacturing and services PMI data from IHS today has lent some support along with safe-haven flows. Talk is starting to pick up, however, about the potential for a strong bounce from the short-term oversold conditions. Presumably, the Fed -- or the market's assumptions about the Fed -- will play a role in driving any such bounce. The Dow Jones Industrial Average is down 2.1%; the Russell 2000 is down 2.3%; the S&P 500 is down 2.5%; and the Nasdaq Composite is down 2.9%.