More risk off action to close out Q1 with the S&P 500 in line for its first quarterly decline since Q3 2022. The S&P 500 now stands ~10% below its February highs and down -5% YTD.
The Nasdaq is set to close Q1 down -8%, which would mark the worst quarter for the NDX since Q2 2022. Zooming out, this is rare territory for the Nasdaq. Only 5 times in the last 10 years (40 quarters) have we seen a -5% + quarterly decline for the NDX.