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SPY Update: Meltdown In Financials

The SPDR S&P 500 ETF Trust (NYSE: SPY) may be forming a new downtrend. The support at the important $423 level has been broken.

byMark Putrino

June 18, 2021

1 minute read

The SPDR S&P 500 ETF Trust (NYSE:SPY) may be forming a new downtrend. The support at the important $423 level has been broken.

While cryptocurrencies and Big Tech are grabbing the headlines, many missed something important Thursday: the financial sector stocks made a huge move lower.

The Financial Select Sector SPDR Fund (NYSE:XLF) tracks the financial sector. And yesterday it dropped by almost 3%. This was the biggest one-day loss since the market crashed last February.

The financial sector was one of the leaders of the market rally that went from March through May. Now there’s a chance that it leads the market lower.

Autodesk To $260? Plus UBS Slashes PT On This Stock By 44%

By Lisa Levin

Today, 5:08 AM

Mizuho cut the price target on Splunk Inc. (NASDAQ: SPLK) from $110 to $100. Mizuho analyst Gregg Moskowitz maintained the stock with a Neutral rating. Splunk shares rose 2.6% to trade at $86.25 on Tuesday.

ACM

How Is The Market Feeling About Wells Fargo?

By Benzinga Insights

Today, 5:08 AM

Wells Fargo & Company's (NYSE:WFC) short percent of float has fallen 13.71% since last its last report. The company recently reported that it has 42.47 million shares sold short, which is 1.07% of all regular shares that are available for trading.

WFC

A Bearish Sign Appears On Arista Networks’s Chart

By Benzinga Insights

Today, 5:08 AM

If history is any guide, there may be trouble ahead for shares of Arista Networks (NYSE:ANET). A so-called "death cross" has formed on its chart and, not surprisingly, this could be bearish for the stock.

ANET