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Big tech earnings disappoint, US stocks dips: Who's the next hope?
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BullnBearTrading joined discussion · 6 hours ago

Market Overview

Disappointing earnings reports from tech giants triggered panic selling, causing $S&P 500 Index(.SPX.US)$ and $Nasdaq Composite Index(.IXIC.US)$ to experience their steepest drops in a year and a half. The S&P 500 fell 2.3%, dipping below its 50-day moving average for the first time since May 3, ending its longest streak without a single-day drop of over 2% since 2007. The Nasdaq plummeted 3.6%, marking the largest single-day decline since late 2022. $Dow Jones Industrial Average(.DJI.US)$ dropped 500 points, and $Russell 2000 Index(.RUT.US)$ fell by 2.1%. Cooling AI hype led to a $1 trillion loss in the Nasdaq 100 market cap.

$Tesla(TSLA.US)$ dropped 12%, marking its biggest single-day decline since September 2020. $Alphabet-A(GOOGL.US)$ fell 5%, its worst performance in six months. The semiconductor index fell 5.4%, with $NVIDIA(NVDA.US)$ and $Broadcom(AVGO.US)$ both dropping around 7%. Chinese stocks listed in the U.S. fell nearly 2%. The VIX fear index surged 22% to a three-month high.

A former top Federal Reserve official called for an interest rate cut next week, causing the yield curve to steepen rapidly. The 2-year Treasury yield fell 8 basis points to a five-month low.

Rate hike expectations pushed the yen to a two-month high. On its second day, the Ether ETF saw a 24-hour drop of around 4%, while Bitcoin and other cryptocurrencies remained relatively stable.
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