The sell-off across the US equity market extends, with US100 down more than 2.2% intraday. US mega-caps such as Amazon, Meta Platforms are down more than 3% today, while Nvidia loses 4.5% and Tesla slips 5.5%. The volatility index (VIX) surges by 8% as investors hedge against the stock market decline.
Earnings report from MongoDB and Marvell pressured tech companies stocks by 23% and 18,5% respectively, as revenues and expectations failed to satisfy Wall Street expectations. Also, stocks valuation fear persists, as US macro signals slowing growth, with higher inflation expectations, fueling uncertainty. The US500 loses 1.8%, US30 is down 1.2% and US200 loses 1.6%.
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Source: xStation5
Almost every US sector loses today, but the biggest declines are seen across the tech-heavy sectors such as semiconductors and software. Palantir loses almost 7%, while such tech-giants as Oracle and Broadcom are down more than 5%.
Source: xStation5
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