Overdone?
For the first three days of last week, the market’s price action felt a bit like a head-thumping hangover the morning after the month-long bender that was November. Then on Friday we got a very Goldilocks Jobs Report which sent prices spiraling upwards again and the S&P 500 had managed to squeak out a new 2023 high by Friday’s close.
A majority of S&P 500 stocks moved higher on Monday, but the index fell - dragged lower for once by the so-called Magnificent Seven (Apple, Microsoft, Alphabet/Google, Nvidia, Meta/Facebook, Amazon and Tesla) all of whom fell by more than 1% for the session.
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The skinny
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