Seeking Alpha

Stocks pull back from last week's record highs

  • Stocks retreated from all-time highs, as investors reassessed Thursday’s stronger than expected jobs report and await Q2 earnings reports that start trickling in this week.
  • Only defensive sectors such as utilities, telecoms and consumer staples finished with modest gains, while the Nasdaq (-0.7%) and Russell 2000 (-1.7%) lagged far behind, hurt down by losses in biotech and Internet companies.
  • Participation again was low, with fewer than 600M shares changing hands at the NYSE, but participants showed some increased demand for volatility protection, which sent the VIX from seven-year lows into the middle of its range from June.
  • Treasurys rebounded from overnight losses, with the benchmark 10-year note adding five ticks to send its yield lower by two basis points to 2.61%.
Comments (3)
  • Apple Diner
    , contributor
    Comments (277) | Send Message
    Apple hit a new 1-year high, which is nice.
    7 Jul 2014, 09:47 PM Reply Like
  • tjn6175
    , contributor
    Comments (43) | Send Message
    Nasdaq 100 fared a whole lot better. Better than the SP500 today. Does this hint Apple and the momos move up on 2nd Qtr earnings? A guess, but I think so.
    7 Jul 2014, 10:16 PM Reply Like
  • John Georgiou
    , contributor
    Comments (234) | Send Message
    July maybe perfect for a small correction so traders that have cash re-invest again.


    more to
    8 Jul 2014, 07:23 AM Reply Like
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