Market Lynchpins: Energy And Materials
Two trends were not helpful to those looking for a bottom today:
1) Financials were again weak, despite positive comments from two regional banks---SunTrust and Huntington Bancshares .
2) The top performers for the second quarter--materials and energy stocks--have been under pressure for the last two days as traders have taken profits. Oil was up today, while energy stocks were down--an alarming trend, end of the quarter or not. Energy and materials have been the last lynchpins of the market.
Speaking of oil, it was up despite the meeting in Jeddah over the weekend, which many hope might lead to a decline in oil prices.
For the week, the Dow down 3.8 percent to three-month lows thanks to notable underperformance from financials and consumers, S&P 500 down 3.1 percent, NASDAQ down 2 percent.
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