Markets Selloff: Nasdaq -3%, S&P -1.5%, Semis at 200MA
A broad risk-off session hammered equities, with the Nasdaq 100 down 3% and S&P 500 off 1.5%. AI and semiconductor stocks are under particular pressure, though major hyperscalers have not announced capex cuts.
What we know
An account on X flagged Nasdaq 100 extending declines to 3% with S&P 500 down 1.5%. Semiconductor ETFs $SOXX and $SMH hit critical 200-day MAs, who warns a further 10% drop is possible if $SPY's flush continues. Another account on X noted the disconnect: AI stocks are crashing but no hyperscaler capex cuts have been announced. Another account on X covered McElligott's note framing this as markets repricing an 'AI-driven growth scare,' with bonds acting as a hedge again. Tom Lee was set to appear on CNBC. Contrarian bulls like another account on X remain buyers, while another account on X asked if 'doomers shook you out again.' The market in 'extreme fear'.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.