By Mark DeCambre, MarketWatch
U.S. stock benchmarks were having one of the worst trading sessions in 2019. Fears that a recession could hit global and domestic economies intensified after a widely watched rate spread between the 10-year and 2-year Treasury notes inverted.
That means, the shorter-dated 2-year note rose above its longer-dated counterpart, a condition in the market that has tended to be a precursor to a recession in the U.S.
Combined with fears of a weakening economic backdrop in Europe and a trade clash between Washington and Beijing, the markets took the inversion as cause to deeply reduce their holdings of assets perceived as risky, leaving few companies unscathed in the carnage.
In fact, of the roughly 505 companies that constitute the broad-market S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.23% , only three closed in positive territory Wednesday, with the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +2.17% , down 800 points and all 30 of its components sinking, while the technology-laden Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.17% also slumped 3%.
Here are the only stocks that held on to gains in the S&P 500 index:
|Newmont Goldcorp Corp . /zigman2/quotes/205356474/composite NEM||0.8%|
|Ventas Inc . /zigman2/quotes/206376229/composite VTR||0.3%|
|Evergy Inc. /zigman2/quotes/200697282/composite EVRG||closed less than 0.1% higher|
Meanwhile, only one of the Nasdaq-100 index’s /zigman2/quotes/210598364/realtime NDX -0.26% components was firmly higher on Wednesday. American depositary receipts of NetEase Inc . /zigman2/quotes/201683625/composite NTES +3.79% closed up 0.5%.