The stock market is giving me whiplash.
The Nasdaq Composite has already cut its sharp 1% decline in half. The S&P 500 is only down 0.1%. The Dow is up 70 points, or 0.2%.
Some traders opted to sell highflying tech stocks like Palantir and Nvidia shortly after the open. The move looks like an attempt to take profits ahead of a potentially risky stretch of earnings reports beginning with Tesla and Alphabet after tomorrow’s close.
Roughly 384 stocks in the S&P 500 are rising—meaning the index is falling despite strong breadth. If every stock in the index weighed the same, it would be up about 0.8% based on the gain in the Invesco S&P 500 Equal Weight ETF.
The S&P’s biggest losers, though, weren’t tech, but stocks that reported results this morning like General Motors, Philip Morris International, and Lockheed Martin.