00:00 Speaker A
let’s just start with the Dow that was uh down 386 points, 8/10 of 1%. That’s not a lot, but in consideration of where we began the day, which was much higher than we closed, it is a big wide-ranging day. And even more so in the Nasdaq composite, down 2.15%, closing very close to the lows of the day there. And uh basically the opposite, the first half of the day was in the green, second day in the red there. S&P 500 pretty similar story to the Nasdaq, down one and a half%.
00:32 Speaker A
Also want to show you the Nasdaq 100, which was up 2%, then closed down more than 2%. Very, very rare occurrence and uh this is something you tend to see after more pronounced market sell-offs like what we saw in April. Uh not when we’re only seven or 8% from market highs. So, we’ll be digging into that. Josh and I in about 30 minutes. Also want to show you where the VIX closed today, 26.51. Here’s the three-month chart. and you can see uh this is going to be the highest level since April.
01:03 Speaker A
And also taking a look at the VIX of the bond market, the ICE B of A Move Index. That is the highest close in about two months. So lots to uh dig into there. And let’s just skip over to the sector action where we have only staples, that is XLP in the green here, uh up about 8/10 of 1%. XLK, that was in the leadership position earlier this morning at 9:30 a.m. I remember it clearly, but it is now down 3% and industrials taking second place down about half of that.
01:33 Speaker A
Inside the Nasdaq 100, what a difference a few hours makes. Nvidia was a leader early on. It was up about 5%, closing the day down about 3%. Lots of dark red in here. Uh of the mega cap names, we’re seeing Amazon, Broadcom, Tesla down more than 2%. And if I show you, here we go. Here we here’s the uh chip space and we’re seeing lots of outsized losses here.
01:55 Speaker A
If I sort by performance, you can see uh light that is uh Lumentum down 13%, Micron down 10, Western Digital 9%. A lot of the frothy names that have done very well. Some of these names up uh triple digits this year, they are just having a tough time today. Here’s the software sector, not as much dark red as the chip sector, but nevertheless, some big losses here. Oracle down 6%, Cisco down 3%, PANW down about 7% there, Data Dog down almost 10.
02:20 Speaker A
And checking out the meme stocks as a proxy for risk, that is another very different picture. That was almost all green this morning. I would swear I remember it being all green, not so today. Robin Hood down 10%, Coinbase down seven. And speaking of crypto, not looking pretty there. Bitcoin down 3 and a half% over the trailing 24 hours. We are now looking at an 86 handle. So lots of carnage going on in the markets. And as I said earlier, the trouble in stocks today began when Bitcoin cracked 90,000.
02:54 Speaker A
That was sometime, I believe around 11:00 a.m. though don’t quote me on that. So, very risk-off flavor and guess what? Tomorrow’s options expiration. So there’s some options wonkiness going on with her too in there too that’s exacerbated the selling today.