The Nasdaq Composite COMP, +0.56% 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 DJIA, -1.50% was more reflective of the overall market’s performance, as it fell 347 points, or 1.1%, while the S&P 500 SPX, -0.48% was little changed.