BREAKING: The S&P 500 extends losses to nearly -100 points on the day and falls below 7,300.
The S&P 500 has now erased -$3 trillion in market cap since its June 2nd high.
The K-Shaped economy is worsening:
Sentiment among consumers earning less than $50,000 is down to ~82 points, the 2nd-lowest since May 2023 and in-line with the 2020 pandemic low.
At the same time, sentiment among those earning $50,000-$100,000 is down to ~90 points, near the lowest since December 2023.
The sentiment index for both groups has been in a downtrend over the last 14 months.
Meanwhile, sentiment among consumers earning over $100,000 has risen since February, to ~110 points, and stands above the 2023-2024 average.
This comes as lower-income households are increasingly concerned about surging gasoline prices that are up +60% year-to-date, to $4.56/gallon, the highest since 2022.
Financial strain on lower-income consumers is accelerating.
Built a local trade journal app with Claude. It reviews every trade and gives insights. Today's $NQ 3W 2L. I use AI to improve my trading — not to create dumb bots.
February was a great month, but March was horrible - especially last 2 weeks, felt like a casino.
Finally PA is back to normal yesterday and today.
I nearly blew one of my funded accounts — had like $18 buffer left, now $500 above threshold.Gave me huge hope. $NQ