The Nasdaq Composite (NASDAQ:COMP) surged 1.0% in afternoon trading, but market internals are actually telling a rather bearish story. The number of Nasdaq-listed stocks declining topped advancers 2,259 to 1,632, and the volume of stocks losing ground is making up 54.5% of total volume. On the NYSE, decliners led advancers 1,803 to 1,382, while down volume was 69.0% of total volume. The Dow Jones Industrial Average (DOW:DJIA) was more reflective of the overall market's performance, as it fell 347 points, or 1.1%, while the S&P 500 (S&P:SPX) was little changed.
Feb. 26, 2021, 2:02 p.m. EST