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Tech Is Still Selling Off. Is the Market Breaking Down or Rotating?

by | Dec 17, 2021

Tech stocks continue to slide, bringing down both the S&P 500 and Dow — and more in Friday’s stock market recap.

The Nasdaq is down nearly 2.5% just days after the Federal Reserve decided to accelerate tapering its bond-buying, which caused all of the major indices to initially jump higher.

The S&P 500 and Dow fell roughly 1% on Thursday, as a number of tech stocks are part of those indices, as well.

We continue to see the sector rotation I’ve been talking about these past few weeks, with money moving out of more speculative tech stocks and into Consumer Staples and Utilities, which are driving the market along with Health Care. 

Shares of Rivian Automotive Inc. (Nasdaq: RIVN) dropped 8% in Friday’s premarket trading following an update from the company citing that despite a surge in vehicle reservations from customers, it’s cutting vehicle production expectations for the year.

In this morning’s stock market recap video, you’ll learn what to expect from small caps… the most likely scenario for bonds… the three biggest factors driving equities right now… the three sectors making 90-day breakouts… why market internals are bottoming out… the best way to approach the current market cycle… which sectors to avoid due to high volatility and unpredictability… and we’ll even review two winning trades we took this week. 

Don’t forget to like and subscribe to our YouTube channel if you haven’t already so you can be notified as soon as we post our next video and see what other trade opportunities we’re paying close attention to! 

Roger’s Radar: Quad Witching and Gangbuster FedEx Earnings

Stocks are lower today heading into quad witching, which is when futures and options on both single stocks and indexes all expire heading into the end of the quarter. 

So what does all that mean? Heavy volume, volatility and unpredictability! 

Also on my radar today is FedEx Corp. (NYSE: FDX), which reported strong earnings, sending shares surging over 6.5% premarket Friday morning. 

This is going to be huge for both transports and shippers, so be sure to check out the above video for more insights. 

Stock Market Recap: By the Numbers

This morning’s stock market futures recap: 

DOW (mini)

  • Close: 35,897.64. 
  • Futures: 35,646. 
  • Change: -149. 

S&P 500 (mini)

  • Close: 4,668.67. 
  • Futures: 4,631.5. 
  • Change: -27.75. 

NASDAQ (mini)

  • Close: 15,863.94. 
  • Futures: 15,714.75. 
  • Change: -152. 

RUSSELL (mini)

  • Close: 2,152.46. 
  • Futures: 2,139.3. 
  • Change: -9.7. 

Note: Updated as of 8:48 a.m. EST  

P.S. Why This Could Be the Best Time to Watch the Market

The past year of Burn Notice Alerts has brought Joy of the Trade’s Jeff Zananiri and his traders so many opportunities. 

Some of his readers have even seen winners like 78% OSTK… on 113% on JOE… and 126% on FB… all overnight! 

And that doesn’t even include the 4-for-4 they went in trade recommendations for the strategy last week! 

There’s so much to celebrate, Jeff would like to raise a virtual toast to commemorate the success and look forward to 2022 — and beyond!

These opportunities don’t come often… 

So Join Jeff Before It’s Too Late!

Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.

WRITTEN BY<br>Roger Scott

Roger Scott

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