Dow closes nearly 700 points lower after Powell comments

00:00 Speaker A

the Dow down astir 700 points, the S&P 500 down 2.2%, the Nasdaq down astir 3%. What were they ducking into? Remember past week, they were selling stocks, US bonds, dollar, each US assets. Not today. You look astatine treasuries, uh, they drawback a bid. They're rallying. I'm looking astatine the 10-year benchmark here, 428. Now implicit to Jared for a person look astatine today's assemblage action. Jared.

00:48 Jared

Thanks Josh. 24 hours ago, we were celebrating the deficiency of volatility and the boring markets, not today. We are seeing a resumption of the downtrend with the Dow down astir 700 points. The Nasdaq starring the mode down 3%, adjacent the Russell 2000 disconnected astir 2 and a fractional percent. And conscionable looking astatine volatility, I've been tracking the VIX precise closely. Uh, it hasn't jumped up a immense magnitude today, but it it conscionable seems precise comfy and this is simply a year-to-date look, uh, hanging supra the 30 level. And that's thing you spot erstwhile institutions are inactive facing a batch of uncertainty. So that's a inclination that, uh, we spot continuing present if not resuming. Icebova determination index, the VIX of the enslaved market, that's inactive elevated arsenic well. This is different year-to-date chart, but not excessively overmuch question from the time prior. And let's cheque retired the 10-year T-note yield. Uh, Josh, we're conscionable looking astatine that. It is down 4 ground points. Not a immense move, but it was lone past week that we saw that immense leap up and, uh, volatility that we haven't seen, determination up that we haven't seen since 2001. Let's cheque retired the assemblage enactment wherever we spot lone vigor finishing successful the greenish today. We're conscionable talking with Dan Dicker astir the lipid market, crude lipid up today. Uh, truthful vigor green, but its antithesis successful these markets, uh, tech down 3.5% and a batch of times, the aged times, uh, we saw vigor moving the other mode of tech. That inclination has resumed, but look what other is down. Each of the mega headdress sectors. So not surprisingly, if we instrumentality a look astatine the Nasdaq 100, I spot a reddish here. A mates greenish spots, looks similar Strategy Fang successful the greenish here, Dollar Tree, but Apple down 4%

03:45 Jared

Microsoft, Nvidia down. Nvidia down astir 7%. And of course, the, uh, the diminution started past nighttime connected immoderate of that quality regarding Nvidia and you spot this manifested successful the semiconductor surface that we're looking astatine close now. Taiwan semi down 3 and a fractional percent, AMD down, uh, implicit seven, ASML besides down much than seven. So facing immoderate beauteous steep losses there. Also seeing this bleed implicit into bundle oregon we're not seeing a full batch of greenish here. Microsoft down 3 and a fractional percent, Oracle down three, CrowdStrike down three. And past looking astatine yet for tech, unprofitable tech, you spot a mates of greenish spots here, Shopify, Roblox, DraftKing Unity, uh, but for the astir part, seeing much reddish than green. Um, I'm going to spell to, I privation to permission america disconnected connected a greenish screen. So for that, I'm going to nonstop america disconnected connected vigor wherever we spot Exxon up 1%, Shell up 2%, and, uh, a small spot of, uh, anticipation present successful an different beauteous reddish tape.