Tech/Nasdaq Rout — 'Black October'
The Nasdaq 100 closed down 2.9%, its biggest single-day drop since June 5th, erasing ~$1.2T in market cap. Meta fell 7%, gold dropped 2.57%, oil hit its worst weekly drop since April, and the 10Y yield fell below 5% as bonds were panic-bid.
What we know
An account on X confirmed the Nasdaq 100 closed -2.9% at 25,999, while another account on X noted S&P 500 off -1.24% and the Dow nearly flat. ZeroHedge framed it as 'Zuck'd: Tech Wrecks as AI Credit Cracks Widen' with bonds panic-bid and bullion battered. Another account on X noted Meta had been pumped on CNBC the day before and fell 7%. Another account on X amplified a 'Black October' thread from a self-described 99th-percentile tech optimist who said vibes had shifted sharply in 18 hours. Another account on X flagged the anomaly of yields down, dollar down, and gold down simultaneously. Another account on X sees BTC chopping at $81–83K with risk of a $72K–$75K visit if $80K breaks. Gold dropped 2.57% to $4,034, attributed to yen intervention or AI-related liquidations, and oil posted its sharpest weekly decline since April amid US-Iran ceasefire uncertainty.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.