{"id":49134,"date":"2023-08-16T10:24:09","date_gmt":"2023-08-16T14:24:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/broad-market-selloff-sends-sp-500-below-its-50-day-moving-average\/"},"modified":"2023-08-16T10:24:12","modified_gmt":"2023-08-16T14:24:12","slug":"broad-market-selloff-sends-sp-500-below-its-50-day-moving-average","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=49134","title":{"rendered":"Broad Market Selloff Sends S&#038;P 500 Below Its 50 Day Moving Average"},"content":{"rendered":"<div>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>All Eleven Sectors of S&amp;P Down Tuesday<\/li>\n<li>Target Weaker Than Expected Sales And Lowered Outlook<\/li>\n<li>Viewing Habits Favor Streamers<\/li>\n<\/ul>\n<p>Broad market indices were down on Tuesday with the S&amp;P 500 shedding 1.2% and Nasdaq Composite off just over 1%. All eleven sectors of the S&amp;P were lower on the day with financial stocks leading the way. Despite the losses, the S&amp;P remains up 15% for the year while the Nasdaq is up 30%.<\/p>\n<p>Tuesday\u2019s selloff was precipitated by a stronger than expected retail sales report. Forecasts were calling for an increase of 0.4% in July compared to June; however, the actual number was a much stronger than expected 0.7%. The continued economic strength sent bond prices lower and yields higher. In early trading Tuesday morning, yields on 10 year notes hit levels not seen since 2008 before pulling back some and settling at nearly 4.21%. That was the highest close since October of last year.<\/p>\n<p>On the earnings front, Target<fbs-ticker data-name=\"TGT\" data-href=\"https:\/\/www.forbes.com\/companies\/target\" data-type=\"stock\"><br \/>\n  TGT<br \/>\n <\/fbs-ticker> reported stronger than expected sales data, but missed on revenues and the company also lowered its full year forecast. Management expects same store sales to decline in the mid-single digits for the full year. Despite the disappointing outlook, earnings did beat expectations and shares of Target are indicated higher by 7% in premarket. However, shares of Target were down sharply on Tuesday so we\u2019ll see if today\u2019s early morning rally can hold. Also out with earnings this morning was discount retailer TJX Companies<fbs-ticker data-name=\"TJX\" data-href=\"https:\/\/www.forbes.com\/companies\/tjx-companies\" data-type=\"stock\"><br \/>\n  TJX<br \/>\n <\/fbs-ticker>. TJX topped analysts revenue expectations and shares are trading about 3.5% higher in premarket.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>Elsewhere, a report out of Nielsen shows viewing habits continue to shift with less broadcast television being consumed as audiences shift to on demand content. Broadcast television currently accounts for just 20% of viewing time, with cable TV taking up just under 30%. Streaming content, on the other hand, now accounts for nearly 39% of viewing time. This is very interesting as it\u2019s opening revenue sources for streamers in the form of both subscribers and advertisements in a sort of best of both worlds scenario. We\u2019ve seen evidence of this recently with Disney, who just raised prices for their Disney+ and Hulu ad-free service by $3 per month. Basic service prices remain unchanged.<\/p>\n<p>Other stories making headlines this morning include China cutting lending rates as their economic growth continues to moderate. Back here at home, Tesla<fbs-ticker data-name=\"TSLA\" data-href=\"https:\/\/www.forbes.com\/companies\/tesla\" data-type=\"stock\"><br \/>\n  TSLA<br \/>\n <\/fbs-ticker> shares are indicated lower by 2% following news the company will begin offering less expensive versions of Model X and S. The price cuts in higher end cars could spark a price war in the luxury automobile market, which may in turn cause used car prices to begin coming down.<\/p>\n<p>Finally, a couple other things I\u2019m watching. Today will see the release of minutes from the latest FOMC meeting which will be followed by next week\u2019s annual Jackson Hole meeting of central banks. I\u2019ll be interested to see what\u2019s contained in the minutes and if yesterday\u2019s stronger than expected retail sales numbers influence Fed thinking at next week\u2019s meeting. Also worth noting, yesterday\u2019s move lower sent the S&amp;P 500 below its 50 day moving average. Therefore, I\u2019ll be watching to see if we can close back above that level or if markets continue to weaken. As always, I would stick with your investing plans and long term objectives.<\/p>\n<p><em>tastytrade, Inc. commentary for educational purposes only. This content is not, nor is intended to be, trading or investment advice or a recommendation that any investment product or strategy is suitable for any person.<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/jjkinahan\/2023\/08\/16\/broad-market-selloff-sends-sp-500-below-its-50-day-moving-average\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways All Eleven Sectors of S&amp;P Down Tuesday Target Weaker Than Expected Sales And Lowered Outlook Viewing Habits Favor Streamers Broad market indices were down on Tuesday with the S&amp;P 500 shedding 1.2% and Nasdaq Composite off just over 1%. All eleven sectors of the S&amp;P were lower on the day with financial stocks [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":49135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-49134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Broad Market Selloff Sends S&amp;P 500 Below Its 50 Day Moving Average | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Key Takeaways All Eleven Sectors of S&amp;P Down Tuesday Target Weaker Than Expected Sales And Lowered Outlook Viewing Habits Favor Streamers Broad market\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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