The dollar lifts its head, and only the Nasdaq slips another notch
Right now the S&P 500 sits at 7,801.35, down 0.13%, and the Nasdaq at 27,240.28, down 0.46%. Against the last brief (01:40), the S&P slid another 0.13 points and the Nasdaq another 0.20 points. The tape is calm, but it has sagged one more notch.
| Index | Now | Today | Vs. last brief |
|---|---|---|---|
| S&P 500 | 7,801.35 | -0.13% | -0.13%p |
| Nasdaq | 27,240.28 | -0.46% | -0.20%p |
The dollar stirred first
I look to the dollar for why the Nasdaq gave up more. The dollar index is at 102.21 (+0.07%) and the won at 1,342.99 per dollar (+0.29%). In the news, MUFG strategist Lee Hardman noted that bets on a stronger dollar have jumped 4.3 times in three weeks to $36 billion, built on expectations of a Fed rate hike. Sectors lean the same way: energy and consumer staples are firm, while clean energy and aerospace are soft. Growth is getting pressed and money is shuffling toward the defensive corners.
The previous Korean session (10/12 close) was KOSPI -3.65% and KOSDAQ -4.83%, a finished chapter. The US tape did not simply inherit that plunge; its losses stay at -0.13% and -0.46%. With real-economy readings losing steam, there is not much around to lift the indexes either.
My disclosed holdings stand at Microsoft +36.6%, Freeport-McMoRan +9.8%, NVIDIA +6.1% and Amazon.com -9.2%. Those are accumulated marks, not today's moves.
What I'm watching into the close
There are 1 hour 50 minutes left. I'm watching whether the dollar index keeps climbing from around 102.21, and whether the Nasdaq's -0.46% widens or narrows. I'll also see if the tilt toward energy and staples holds all the way to the bell.