Average Hourly Performance So Far This Quarter

The S&P 500 is now down more than 5% from its high at the start of the second quarter.  So how did it get there on an intraday basis?   Below is a chart showing the average hourly percentage change of the S&P 500 since the second quarter began. (Since the market opens at a half hour mark, we used the prior day’s close through 10 AM the next day as the first “hour” of the day.)

As shown, all of the index’s declines this quarter have come...

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