The major averages reversed falling into the red as tech and artificial intelligence stocks pull back once again as more value stocks perk up. The Dow Jones Industrial Average fell 41 points after rising over 200 points this morning. The S&P 500 fell 10 points while the Nasdaq Composite fell 137 points or 0.6% to 23,057.

The selling continued in AI stocks like Oracle down 2% and Broadcom down 5% following strong earnings last week, but earnings and guidance that did not meet up to expectations. Nvidia was one of the few tech stocks to finish in the green.

Defensive sectors like healthcare performed much better today with drug stocks perking up. Bristol Myers was up 3% on an upgrade. Eli Lilly was up 3% as well. November nonfarm payrolls figures are set for release tomorrow along with October retail sales figures.

The 10-year Treasury fell 2 basis points to 4.18%. The 2-year Treasury yield fell 2 basis points to 3.51%, while the 30-year Treasury bond yield slid less a basis point to 4.85%.

In the commodity space, oil fell a percent to a new recent low even with more turmoil out of Venezuela. Gold is holding up like a champ while bitcoin resumed its selling with bitcoin falling 3%.

All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it’s usage.