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The S&P 500 (SPY) ETF fell 1% today as overbought levels continue to get worked off. The declines were led by Financials (down 1.42%), Health Care (down 1.30%), and Utilities (down 1.88%). Utilities usually rally when risk-free interest rates decline, but that didn’t happen today. Treasury ETFs rallied hard as the 10-year yield fell to 1.72%.
Outside of the U.S., equities fell even more, with most European country ETFs down more than 2%. The Italy ETF (EWI) was the worst performer in our matrix, while the Natural Gas ETF (UNG) wasn’t far behind (-3.08%). While nat gas was down, oil, gold, and silver managed to rally.