For those trading the Nasdaq $NQ every day, well, yesterday's drop of 2.2% is actually pretty 'normal' given the recent market action.
Recently, the Nasdaq's volatility has really picked up, with ±2% daily moves happening multiple times:
June 5: -4.18%
June 10: -1.98%
June 11: +2.54%
June 15: +3.07%
June 23: -2.20%
So in the context of the current market, it's not as dramatic as the so-called 'Black Tuesday' 😅
Moreover, this drop was quite concentrated:
- The semiconductor index fell by about 7.9%
- Micron $MUB dropped around 13%
- Nvidia $NVDAB fell about 4.1%
- Yet the Dow only slipped 0.09%
- Of the 11 S&P sectors, 6 are still in the green
This indicates that it's not a full-blown market panic sell-off, but rather a capital shift away from previously high-flying AI, chip, and overvalued tech stocks.
Micron is set to hold its Q3 earnings call on Wednesday, June 24 at 4:30 PM EDT (which translates to June 25 at 4:30 AM Beijing time, and 5:30 AM Japan time). As one of the focal points of this semiconductor sell-off, we'll see if its results and guidance can stabilize chip stock sentiment and give the Nasdaq a breather.
#Nasdaq down 2.2%
Recently, the Nasdaq's volatility has really picked up, with ±2% daily moves happening multiple times:
June 5: -4.18%
June 10: -1.98%
June 11: +2.54%
June 15: +3.07%
June 23: -2.20%
So in the context of the current market, it's not as dramatic as the so-called 'Black Tuesday' 😅
Moreover, this drop was quite concentrated:
- The semiconductor index fell by about 7.9%
- Micron $MUB dropped around 13%
- Nvidia $NVDAB fell about 4.1%
- Yet the Dow only slipped 0.09%
- Of the 11 S&P sectors, 6 are still in the green
This indicates that it's not a full-blown market panic sell-off, but rather a capital shift away from previously high-flying AI, chip, and overvalued tech stocks.
Micron is set to hold its Q3 earnings call on Wednesday, June 24 at 4:30 PM EDT (which translates to June 25 at 4:30 AM Beijing time, and 5:30 AM Japan time). As one of the focal points of this semiconductor sell-off, we'll see if its results and guidance can stabilize chip stock sentiment and give the Nasdaq a breather.
#Nasdaq down 2.2%