US equities dipped again on Wednesday, with the S&P 500 failing to reclaim 4600 and down over 4.0% in 2022.US equity markets have been under modest selling pressure on Wednesday, with market commentators citing continued fears abouttightening and higher interest rates, but also describing the day as one of consolidation. The S&P 500 dropped about 0.
The S&P 500 GICS Financials sector was the underperformer, shedding about 1.1% as US yields pull back from recent highs and following recent downbeat earnings. In fairness, Q4 results from Morgan Stanley and Bank of America were better received, but not enough to turn the tide for the sector. Meanwhile, the easing in yields gave the recently battered tech sector some respite. Despite the recent upside in crudeLooking at the other major US indices, the Dow was down just over 0.
index or VIX hit fresh highs for the year just under 24.0, substantially up from this year’s starting levels in the 16.0s. The VIX remains well below its post-Omicron peaks near 36.0.
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