Tech is bleeding and small caps are getting crushed — Thursday is not starting clean.
Tech is bleeding and small caps are getting crushed — Thursday is not starting clean. Asian markets unavailable. No economic data on the calendar. Futures are soft — SPY down 0.72%, QQQ off 0.84%. Small caps taking the hardest hit. IWM down 1.84%. VIX sitting at 15.18 — not panic, but not…
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Tech is bleeding and small caps are getting crushed — Thursday is not starting clean.
Asian markets unavailable. No economic data on the calendar. Futures are soft — SPY down 0.72%, QQQ off 0.84%. Small caps taking the hardest hit. IWM down 1.84%. VIX sitting at 15.18 — not panic, but not comfortable either. Gold barely moved, up 0.1%.
Now the stocks.
Google down 3.8% to 337.83 — antitrust pressure isn't going away. Oracle off 3.11% to 144.56 — cloud enthusiasm cooling fast. Broadcom down 2.62% to 354.99 — semis dragging across the board. Amazon down 2.24% to 249.27 — no single catalyst, sector rotation. AMD down 1.47% to 614.61 — chips getting hit on both ends, Nvidia and AMD moving in lockstep. Nvidia off 1.47% to 225.51 — lightest loss in a rough tape, but still red. Intel down 1.02% to 122.60 — the weakest chip name staying weak. Netflix off 1.11% to 71.36 — no news, just caught in the sell wave. Eli Lilly down 1.64% to 1150.99 — weight-loss trade taking a breather. Salesforce up 1.84% to 237.58 — enterprise software standing alone in the green. Meta up 1.02% to 744.10 — holding while the rest of tech gets dumped. Exxon up 1.59% to 161.23 — energy the other pocket of strength today.
Tech got sold hard. Energy and a couple of outliers held. That's the session in one breath.
Earnings worth watching: Costco reports after the close tonight. Estimate is 6.66 per share. That's a big consumer read heading into Q4. Before the bell this morning — BXMT with an estimate of 0.27, TBN at negative 0.17. FGPR, AFB, and BTOC also reporting but no estimates in hand.
Nothing on the economic calendar. No Fed speakers scheduled. The tape speaks for itself today — broad selling, tech led the way down, small caps absorbed the most damage, and IWM at negative 1.84% is the number that deserves your attention.
Costco tonight sets the tone for consumer sentiment heading into the weekend. Watch that print.
Numbers don't lie. People do. Trade accordingly.