North American equity close: A mid-day swoon attracts dip buyers. Sixth month of gains

It was a lively day in terms of price action as US stocks started very strongly, then sold off and eventually fell into negative territory in the mid-afternoon. Bids arrived late though and US stocks marched all the way back close (but not above) the intraday highs. In the last 10 minutes of trading, there was more selling.

• S&P 500 +0.3%
• Nasdaq Comp +0.7%
• DJIA +0.1%
• Russell 2000 +0.7%
• Toronto TSX Comp +0.3%

On the week:

• S&P 500 +0.7%
• Nasdaq Comp +2.2%
• DJIA +0.7%
• Russell 2000 -1.2%
• Toronto TSX Comp -0.3%

On the month:

• S&P 500 +2.3%
• Nasdaq Comp +4.7%
• DJIA +2.5%

The six-month winning streak in the S&P 500 is the longest since 2021.

I continue to think the Russell 2000 remains the most-compelling chart but I fear it’s being driven by a couple dozen meme stocks that are now the largest components.