Panic-like selling signs emerge in NYSE trading Monday as Dow, S&P 500 on track to snap 4-session win streak

Trading in New York Stock Exchange-listed stocks on Monday were exhibiting panic-like-selling behavior as stocks faced some selling pressure attributed to the spread of the delta variant of COVID-19 and a slowdown in China’s economy. 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 2.414 for NYSE-listed shares. Many technicians say a rise to at least 2.000 suggests panic-like selling behavior. The reading comes as the Dow Jones Industrial Average DJIA, -0.20% was off 0.5% at 35,258; the S&P 500 index SPX, -0.35% was off 0.6% at 4,437. The Dow and S&P 500 have ended higher in the past four sessions in succession. Meanwhile, the Nasdaq Composite Index COMP, -0.86% was trading 1.1% lower at 14,964, on track to halt a 2-session string of gains.

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