The big pre-market economic news was the Second Estimate of Q1 GDP, which revised downward to -0.7%, about in line with most estimates. The S&P 500 sold off at the open to its mid-morning -0.75% intraday low. A subsequent rally attempt was reversed in the later afternoon. Volume accelerated in the final fifteen minutes of selling, which closed out the week and month. The index posted a -0.88% decline for the week but ended the month with a 1.05% gain.
The yield on the 10-year note closed at 2.12%, one bp off its previous close.
Here is a 15-minute chart of the past five sessions.
Volume on the ARCA:SPY ETF, which generally gives a better sense of investor participation than the underlying index, was 18% above its 50-day moving average. Volume this week has been higher on the two biggest price declines.
A Perspective on Drawdowns
Here's a snapshot of selloffs since the 2009 trough.
For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.
