No one is watching the tape closer than Donald Trump.
The president loves to remind everyone when the major averages are spiking to new all-time highs. He cant help but tell us how his administration has improved our pathetic lives at every 1,000-point Dow milestone. Stocks are unstoppable, he says. America is winning again!
So we werent surprised to see the president celebrate the passing of the Republican tax bill in style early Monday morning
As luck would have it, trading started with a bang. But the stock markets big move fizzled as the day wore on. By the closing bell, only the Dow remained positive. The S&P 500 finished the day just barely in the red. But the Nasdaq rolled over, dropping more than 1% to begin the trading week.
So much for the stock markets big day
Wall Streets tech darlings have finally found some sellers. We are seeing the continuation of the FAANG bloodbath with more weakness from the markets most recognizable stocks. Facebook and Amazon each dropped more than 2% to start the week. The semiconductors took the brunt of the damage. The VanEck Vectors Semiconductor ETF (NYSE:SMH) dropped more than 2% while industry leader NVIDIA Corp. cratered almost 6% on the day.