Bigger Chunks Are Getting Hacked Out of Post-Covid Bull Market
- Ark fund, expensive tech stocks lead Wednesday’s stock carnage
- Volume, VIX and retail money flows show no capitulation sign
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Every day another pillar falls in the advance that sent equities skyward in the months after the coronavirus outbreak.
Down 1.65% Wednesday, the S&P 500 has given back well over half the gains it booked since lockdowns began in earnest more than two years ago. Losses are worse away from the major benchmarks. Banks, cruise lines and homebuilders are flat to lower compared with their levels of February 2020. Even Amazon.com Inc., Walt Disney Co. and Netflix Inc. now trade for less than before Covid hit.