Many Billions of Dollars Shaken Out From Mini-Rout: Taking Stock
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October hasn’t been a kind month for stocks, and Thursday was a good example of that as the S&P 500 had its third-worst decline since early April -- though note that we’re seeing a bounce in the futures this morning after positive earnings from megacaps Honeywell and Procter & Gamble just crossed the tape.
Defensive sectors remain in vogue, with utilities the sole sector to gain month-to-date (as the table below shows), while the air continues to get let out of the bull market winners, as seen in the selling that’s going on in tech and consumer discretionary.