Three stocks in the Standard & Poor’s 500 were up for every two that were down as the index turned in a day with very little movement–a gain of 0.05% at the close on September 11. The Dow Jones Industrial Average was ahead a bit more at 0.48%
That lack of movement in the S&P, however, disguised another day of volatility for technology shares, especially the shares of the big tech stocks that had driven the recent rally.
The NASDAQ Composite was off 0.60% at the close, a decline matched by the concentrated NASDAQ 100.
The Technology Select Sector SPDR ETF )XLK) dropped 0.76% on the day.
The losses were significant, if not huge amongBig Technology plays. Apple (AAPL) fell 1.31%. Amazon was down 1.85%. Alphabet (GOOG) slipped 0.74%. Nvidia (NVDA) retreated 1.20%. Facebook (FB) was off 0.55%.
But the selling didn’t extend to small technology stocks that had been winners in the rally. Apple suppliers Cirrus Logic (CRUS) and Skyworks Solutions (SWKS), for example were up 1.20% and 0.68%, respectively, despite Apple’s slide. European chip makers NXP Semiconductors (NXPI) and Infineon Technologies (IFNNY) gained 1.34% and 0.36%, respectively.
To me it looks like traders and investors were closing some positions in the big tech stocks that have been so volatile lately ahead of the weekend. (The CBOE S&P 500 Volatility Index (VIX) was down 9.56% to 26.87 at the close. Certain no big flight to hedge today.)
My sense of cautious but not wholesale hedging is bolstered by the behavior of gold, which sold lower today. That happens when investors are looking to raise cash to cover other positions. Barrick Gold (GOLD), for example, was down 1.20% on the day as the stock continues its flirtation with the $30 level.
For another day, money coming out of technology didn’t go anywhere in a rush today. The Financial Select Sector SPDR ETF (XLF) gained 0.69%, about the same amount that the Technology SPDR lost.
Such “re-opening dependent” stocks as Six Flags (SIX), American Airlines (AAL) and MGM Resorts International (MGM) closed lower by 1.52%, 0.42%, and 0.48%, respectively.
Among stocks putting in a surprisingly strong upside performance today were General Motors (GM) up 0.96%, Albemarle (AB) ahead 1.56%, Southern Copper (SCCO) higher by 3.10%, and Pfizer (PFE), which picked up 1.18%