With the lack of fresh macroeconomic news today, it was the earnings that was driving equities, even though volumes remain somewhat low.
The tech sector in particular is not reporting the types of results that would reflect a growing economy. Instead the numbers show that the consumers are still struggling, both at home and abroad.
The financial sector heavy SP 500 seems to be hanging on a bit better, but the NDX with its tech weightings is starting to roll over. Indeed it was buying in the SP 500 futures that seemed to sustain the equities during the worst of today's declines, but again on low volumes.
There will be more earnings reports and macroeconomic news next week.
Volatility is rather low as measured by the VIX. But with these light volumes that could change in a Manhattan minute.
Have a pleasant weekend.
