© Reuters. Stocks continue to slump, Nasdaq down another 1.5%
- Once again, tech is leading the decline, with the Nasdaq (NASDAQ:) off 1.5% vs. the (NYSEARCA:) down 0.75%, and the (NYSEARCA:) lower by 0.8%. The (NYSEARCA:) is off 0.7%. Among individual names: Amazon (NASDAQ:) -2.3%, Adobe (NASDAQ:) -3.6%, Salesforce.com (NYSE:) -4.3%, Nvidia -2.5%, Netflix (NASDAQ:) -2.5%, Microsoft (NASDAQ:) -1.8%.
- Over the last three sessions, the Nasdaq has given up more than 4% vs. less than 2% for the S&P.
- A combination of frothy valuations and breakouts to the upside across the yield curve seems behind the selling. The bond market is closed today.
- What's working? Previously roughed-up defensive/interest rate plays like utilities ( +1%) and REITs ( +1.5%), ( +1.5%).
- ETFs: , , , , , , , , , , , , SPXU-OLD, , , , , , , , QID-OLD, , , ,
- Now read: How To Protect Your Portfolio In A Bear Market