The US stock market spent the day in post-Independence Day doldrums. The benchmark S&P 500 sold off at the opening bell and drifted lower throughout the day to its -0.53% mid-afternoon intraday low. It trimmed the loss to -0.39% during the final 90 minutes of trading. There's really no significant economic news, and earnings season won't really get into gear for another week, despite the token kick-off by Alcoa after tomorrow's market close. For the remainder of the week, we could well see a somewhat zombie market prone to a bit of investor hypochondria.
The yield on the 10-year note ended the day at 2.63%, 2 bps below the previous clos. It is now 19 bps above its interim closing low of May 28th.
Here is a chart of the past five sessions. The index is up 6.99% year-to-date.
Here is a daily snapshot of the index, where volume was well off its 50-day moving average.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
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