As reported by Barrons.com. It’s another brutal day for the stock market on Monday—and it doesn’t seem to be getting better any time soon.
The S&P 500 has dropped another 2.3% to 2864.01 after falling every day last week, while the Dow Jones Industrial Average has fallen 597.60 points, or 2.3%, to 25,887.41, and the Nasdaq Composite also tumbled 2.9% to 7769.85.
Like the S&P 500, the SPDR S&P 500 ETF (SPY) also dropped every day last week and is now off a total of 2.2%% at$286.08. That’s the first time on record that this ETF has dropped more than 1% after falling every day during the previous week, according to Bespoke Investment Group. They do note that there have been 18 occasions where the SPDR ETF has dropped more than 1% on a Monday after dropping 2% or more the week before. And when that happens, there’s usually not a Monday rebound. “Typically, SPY continues lower from the open to the close of trading on these Mondays,” according to Bespoke.
The goods news: the SPDR S&P 500 ETF usually bounces back over the next week. From the first Monday’s opening price to the next Monday’s close, the S&P 500 ETF has averaged a 2% rise and was positive 78% of the time.
We can only hope history repeats itself.
