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Stocks are lower Monday as the broader market fights to hold a key level.
The S&P 500 (SP500) -2.8% hit a new low for the year, but is finding some support right at the 4,000 level.
Ten of 11 sectors are still down, but Consumer Staples has turned positive. Energy and Info Tech are still the weakest.
The Nasdaq (COMP.IND) -3.9% is doing the worst among the major averages with all the megacaps in the red. The Dow (DJI) -1.6% is doing a little better.
The dollar index is at its highest level since 2002 and that is putting pressure on tech stocks.
Rates are lower as cash moves into bonds. The 10-year Treasury yield is down 4 basis point to 3.08%, having topped 3.2% earlier. The 2-year yield is down 7 basis points to 2.62%.
“Neither a weaker-than-expected jobs report nor a marginally dovish FOMC was able to deter market repricing to higher yield levels, particularly at longer maturities,” Goldman Sachs’ rate strategists said. “The 2s10s curve has steepened nearly 50bp from recent lows, though at least half of that move, which occurred in early April following equally sharp flattening in late March, had the characteristics of hedging flows.”
Crypto is also struggling, with bitcoin now 50% below its all-time high.
Among active stocks, Marathon Oil is the weakest performer in the S&P as crude slides nearly 6%. Viatris is the biggest gainer on strong cash flow.
