Wall Street is settling into a Labor Day weekend groove.
The S&P 500 was down 0.7% after trading lower earlier in the session. The Nasdaq Composite was still down 1.2%. The Dow was down 113 points, or 0.3%.
A majority of S&P 500 stocks were actually rising on the day, but key laggards in the tech, consumer discretionary, industrials, and communication services sectors were weighing on the index.
Among Magnificent Seven stocks, Alphabet was the only gainer with a 0.2% move higher. Apple was nearing breakeven, while Microsoft was down 0.3%. The rest were all down 1% or more: Amazon.com was down 1.3%; Meta was down 1.9%; Nvidia was down 3.3%; and Tesla was down 3.5%.
Such stocks make up a huge portion of the S&P 500’s market capitalization. Combined, the Roundhill Magnificent Seven ETF was down 1.5%.
Wall Street—or at least those traders who didn’t flee for the coast ahead of the long weekend—was likely falling into end of month rebalancing. Some the top strategies this year like momentum, risk, and growth were getting hammered.
On the flip side, dividends, low volatility, and value were the day’s winners. Of course, if you’re losing big today, you’re probably sitting pretty on a year-to-date basis.
Source: Stock Market Today: Dow, S&P 500, Nasdaq Down; Nvidia, Marvell, Dell, Alibaba, More
