The Dow finished last week up 0.7%. Most of the stock market did not. What happened underneath: · The Nasdaq fell 4.5% and the S&P 500 fell 1.9 percent, with chip and AI stocks leading the decline · The Russell 2000 of smaller companies fell 3.0 percent, to 2,721 · Fewer than three stocks in ten trade above their own 50 day trend, a reading of 28.3 The Dow holds 30 stocks and weights them by share price, not by company size. A few high priced names can carry it while the typical stock falls. The high yield spread, the extra yield the riskiest companies pay to borrow, finished the week at 3.23, above the 3.00 line I watch. Lenders and smaller companies were telling the same story. A green Dow in a week like this tells you how 30 stocks did. It does not tell you how the market did. Follow for takes that cut through the noise.