Seeking Alpha

Profit taking sends stocks sliding off records

  • Stock futures suggest modest losses at the open, with some profit taking perhaps taking hold after the S&P 500 surged more than 4% over the past three weeks.; Dow -0.1%, S&P and Nasdaq -0.2%.
  • Investors are hoping for a fifth straight day of gains and 11th advance in the past 13 sessions, as the recent streak has run both the Dow and S&P to all-time highs and has the Nasdaq less than 1% off its best print in more than 16 years; even the Russell 2000 has rallied nearly 5% over the past four sessions and is now less than 3% off its own record peak.
  • Major European and Asian indexes trade in mixed fashion.
  • Treasurys hover near their lows, with the 10-year yield up 2 bps at 2.63%.
  • Still ahead: wholesale trade, labor turnover.
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