A weak jobs number had stocks reeling, but technology has been able to step in and limit losses. It looks like a battle is setting up between the Dow wanting to move lower and the Nasdaq wanting to move higher. Currently the Nasdaq-100 is the winner, up 1.29%.
Nasdaq-100 Tracking Stock Daily Chart
That could be because Nasdaq-100 (AMEX:QQQ) tracking stock is vehemently defending the April 4th low. Yesterday the triples Qs dipped below that support level, but was able to rebound. Today the Qs dipped below, but once again have avoided losing psychological level.
VeriSign (VRSN), QLogic (QLGC), Qualcomm (QCOM), and a smattering of semiconductor stocks are helping the Qs hold support. eBay (EBAY) and biotech stocks are trying to drag it lower. Retailers Costco (COST) and Bed Bath and Beyond (BBBY) are also posting $1 losses.
The Dow is still down 54 points, but Intel (INTC) and Microsoft (MSFT) are helping to minimize the damage. 3M (MMM) Boeing (BA), and Home Depot (HD) are the biggest losers.
5-Year Treasury Note Yields
A selling spree in bonds on Tuesday pushed the yield on the 5- year note up to 4.556%, but all of those gains have been erased over the past three days. Today's drop has pushed the yield on the 5-year below the April low. Perhaps that's because investors still prefer bonds. For the week ended September 5th, stocks funds had outflows of $8.7 billion, and bonds had inflows of $2 billion.