Seeking Alpha

Stocks end lower as biotech, internet names slump

  • Stocks finished broadly lower, knocking the Dow well below 17,000 with Nasdaq tumbling 1.4%, as a bit of nervousness sets in ahead of the kickoff of the Q2 earnings season.
  • Although no single catalyst appeared to trigger the selling, trading volumes picked up somewhat with nearly 670M shares changing hands at the NYSE, as rising valuations may have convinced some participants that it's time to cut back their holdings.
  • Like yesterday, smallcaps underperformed with the Russell 2000 and the Nasdaq posting respective losses of 1.2% and 1.4% as shares of biotech, Internet and smallcap companies were battered again; on the upside, the utilities sector was a clear winner after struggling last week.
  • The weakness in equities translated into strength for the bond market, sending the 10-year note higher by 15 ticks and the yield lower by 5 basis points to 2.56%.
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