00:00 Speaker A
the Dow down about 700 points, the S&P 500 down 2.2%, the Nasdaq down about 3%. What were they ducking into? Remember last week, they were selling stocks, US bonds, dollar, all US assets. Not today. You look at treasuries, uh, they catch a bid. They’re rallying. I’m looking at the 10-year benchmark here, 428. Now over to Jared for a closer look at today’s sector action. Jared.
00:48 Jared
Thanks Josh. 24 hours ago, we were celebrating the lack of volatility and the boring markets, not today. We are seeing a resumption of the downtrend with the Dow down almost 700 points. The Nasdaq leading the way down 3%, even the Russell 2000 off about two and a half percent. And just looking at volatility, I’ve been tracking the VIX very closely. Uh, it hasn’t jumped up a huge amount today, but it it just seems very comfortable and this is a year-to-date look, uh, hanging above the 30 level. And that’s something you see when institutions are still facing a lot of uncertainty. So that’s a trend that, uh, we see continuing here if not resuming. Icebova move index, the VIX of the bond market, that’s still elevated as well. This is another year-to-date chart, but not too much movement from the day prior. And let’s check out the 10-year T-note yield. Uh, Josh, we’re just looking at that. It is down four basis points. Not a huge move, but it was only last week that we saw that huge jump up and, uh, volatility that we haven’t seen, move up that we haven’t seen since 2001. Let’s check out the sector action where we see only energy finishing in the green today. We’re just talking with Dan Dicker about the oil market, crude oil up today. Uh, so energy green, but its antithesis in these markets, uh, tech down 3.5% and a lot of times, the old times, uh, we saw energy moving the opposite way of tech. That trend has resumed, but look what else is down. Each of the mega cap sectors. So not surprisingly, if we take a look at the Nasdaq 100, I see a red here. A couple green spots, looks like Strategy Fang in the green here, Dollar Tree, but Apple down 4%
03:45 Jared
Microsoft, Nvidia down. Nvidia down almost 7%. And of course, the, uh, the decline started last night on some of that news regarding Nvidia and you see this manifested in the semiconductor screen that we’re looking at right now. Taiwan semi down three and a half percent, AMD down, uh, over seven, ASML also down more than seven. So facing some pretty steep losses there. Also seeing this bleed over into software or we’re not seeing a whole lot of green here. Microsoft down three and a half percent, Oracle down three, CrowdStrike down three. And then looking at finally for tech, unprofitable tech, you see a couple of green spots here, Shopify, Roblox, DraftKing Unity, uh, but for the most part, seeing more red than green. Um, I’m going to go to, I want to leave us off on a green screen. So for that, I’m going to send us off on energy where we see Exxon up 1%, Shell up 2%, and, uh, a little bit of, uh, hope here in an otherwise pretty red tape.