Another day of no economic news coupled with fretting about Q2 earnings took its toll on the market. The S&P 500 opened in the shallow red at its intraday high and sold off to its -0.92% intraday low early in the lunch hour. A 90-minute afternoon rally lost traction and gave up about half its gain. The index closed with a 0.70 loss.
The yield on the 10-year note ended the day at 2.58%, 5 bps below the previous close. It is now 14 bps above its interim closing low of May 28th.
Here is a chart of the past five sessions. The index is up 6.24% year-to-date and 1.08% below its record close last week.
Here is a daily snapshot of the SPY ETF, where trading volume saw a substantial increase.
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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