Yesterday, the S&P 500 closed below its 50-day moving average (~6,700) for the first time since April after testing the closely watched technical level on back-to-back Fridays. The trigger for the weakness which kicked in in the afternoon seemed to be more technical in nature as opposed to being driven by a headline. Like much of last week there was a move up the capitalization scale with large caps outperforming. The S&P 500 was down ~1% but small and mid-cap indices were down around twice that amount. Financials and energy underperformed while tech continued to be under pressure as the AI Bubble debate rolled on.

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