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July 16, 2021, 3:14 p.m. EDT

Panic-like selling emerges Friday afternoon as stock market's drop gathers steam in last hour of trade

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By Mark Decambre

Trading in New York Stock Exchange-listed stocks on Friday were exhibiting panic-like-selling behavior to end a turbulent week of trading, featuring two days of congressioal testimony from Federal Reserve Chairman Jerome Powell and a trove of key economic reports. The NYSE Arms Index, a volume weighted breadth measure that tracks the ratio of advancing stock to declining stocks over the ratio of advancing volume over declining volume, was showing a reading of 2.182 for NYSE-listed shares. Many technicians say a rise to at least 2.000 suggests panic-like selling behavior. The reading comes even as the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.34% was off 0.8% at 34,706, the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.18% was off 0.7% at 4,331 and the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -1.83% was trading 0.7% lower at 14,447. Fed Chairman Powell this week again reassured markets that a rise inflation was likely to be temporary, but higher prices may be behind the fall in consumer sentiment. For the week, the S&P 500 was looking at a 0.9% weekly drop, the Dow was on track for a 0.5% weekly slide, while the Nasdaq Composite was set for a 1.8% weekly decline.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,022.04
-461.68 -1.34%
Volume: 498.38M
Dec. 1, 2021 5:04p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,513.04
-53.96 -1.18%
Volume: 3.04B
Dec. 1, 2021 5:04p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
15,254.05
-283.64 -1.83%
Volume: 5.47M
Dec. 1, 2021 5:16p
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