The stock market took a wild turn on Tuesday as an early divergence between technology and cyclical stocks completely flipped during morning trading.
 | TUE, MAY 11, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 125.91 | -0.94 | -0.74% | | INTC | 55.04 | -0.93 | -1.66% | | MSFT | 246.23 | -0.95 | -0.38% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 125.91 | -0.94 | -0.74% | | GE | 13.09 | -0.26 | -1.95% | | F | 11.58 | -0.13 | -1.11% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 125.91 | -0.94 | -0.74% | | AMD | 76.83 | +0.84 | +1.11% | | TSLA | 617.20 | -11.84 | -1.88% | |
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The stock market took a wild turn on Tuesday as an early divergence between technology and cyclical stocks completely flipped during morning trading. The Nasdaq Composite began the day down about 2%, compared with a much more modest loss for the industrial-heavy Dow. However, the two quickly converged, and by mid-morning it was the Nasdaq that emerged as the relative safe haven of the day.  The emotion was likely one of relief instead of celebration for many tech investors. Even the strong intraday rally only brought the Nasdaq back near the flat line, and major names like Apple and Microsoft were still negative for the day. Additionally, that intraday turnaround doesn't mean that the broader rotation away from growth and into cyclicals is over quite yet, according to Wall Street pros. "About 20% of the Nasdaq stocks are at a 1-month low. Typically you want to see that closer to 35% to reflect capitulation," veteran strategist Steven Milunovich from Tech Advisor said on "Power Lunch." "So I don't think you have to be buying here. … If you're a long-term investor, you can pick away a little bit here, but it wouldn't shock me if there's a bit more downside." |
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