Tech Wreck Shakes Markets—But U.S. Stock Futures Hold Steady Amid the Chaos
Wall Street's tech darlings bled out yesterday—yet futures barely flinched. The Nasdaq's reckoning met a shrug from overnight traders.
Silicon Valley's Paper Cuts: Mega-caps tanked 3-5% in the cash session. No surprise—when the FAANGs sneeze, the whole market gets a cold.
Futures' Poker Face: S&P 500 contracts flatlined post-selloff. Either algos are asleep, or someone's betting the dip-buyers arrive by opening bell.
Funny how 'diversification' always means loading up on more tech stocks—until the sector implodes. Then suddenly it's 'time to rebalance.' Classic Wall Street alchemy.
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Earlier in the day, major indices tumbled, with the Dow Jones down 1.7%, erasing Wednesday’s gains. Also, the Nasdaq and the S&P 500 fell 2.3% and 1.7%, respectively. Tech stocks led the decline, with Nvidia (NVDA) down 3.6% and Broadcom (AVGO) falling 4.3%.
Adding to the pressure, traders are now less sure the Fed will cut rates in December. Further, the end of the historic six-week government shutdown has raised uncertainty as some key economic data missed during the period may not be released. These reports could influence the Fed’s next move.
