US equity close: Reversal lower caps a negative week

Closing changes:

• S&P 500 -0.5%
• DJIA -0.5%
• Nasdaq Comp -0.4%
• Russell 2000 -0.2%
• Toronto TSX Comp +0.5%

On the week:

• S&P 500 -2.3%
• DJIA -0.5%
• Nasdaq Comp -2.8%
• Russell 2000 -1.2%
• Toronto TSX Comp -1.4%

July was a great month for stocks but August has gotten off to a slow start. The market looked like it would turn today as yields fell but that ultimately wasn’t enough. US yields end the day 10-15 bps lower across the curve.

Still, this is the first substantial weekly decline since March so the bulls can’t exactly complain.