Surprise down. While the overall market indices were pretty sleepy and dull today, the NASDAQ KFTX fintech index managed to sink a bit more than one would have expected. Meaning, the index fell 9.26 points (-0.86%) and closed at 1061.29. Kind of concerning.
Let’s run through the list and check the stocks in the index that moved at least 2 points and/or 3%. Maybe there is just one “naughty” issue that made Santa mad and influenced the index.
ADS -2.02 (231.66)
FDS -2.30 (162.88)
MKTX -3.47 (150.20)
SPGI -2.00 (109.70)
Interesting. No big declining stocks so it is just a broad based decline (no gunshot hole, just lots of little cuts). Breadth was decidedly negative with 9 stocks up, 38 down and 2 unchanged.
Tomorrow (Friday) has the bond market closing early and Monday is a holiday (sleep in) so should be very quiet. Like I said yesterday, caution is extremely warranted. Looks like the 1076-1078 area on the KFTX may have been the top for a while. Again, while the Dow may print 20,000 it does not mean the fintech sector will follow. Have a good evening.