- Once again, tech is leading the decline, with the Nasdaq (NASDAQ:QQQ) off 1.5% vs. the S&P 500 (NYSEARCA:SPY) down 0.75%, and the Dow (NYSEARCA:DIA) lower by 0.8%. The Russell 2000 (NYSEARCA:IWM) is off 0.7%. Among individual names: Amazon (NASDAQ:AMZN) -2.3%, Adobe (NASDAQ:ADBE) -3.6%, Salesforce.com (NYSE:CRM) -4.3%, Nvidia -2.5%, Netflix (NASDAQ:NFLX) -2.5%, Microsoft (NASDAQ:MSFT) -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 (XLU +1%) and REITs (IYR +1.5%), (VNQ +1.5%).
- ETFs: SPY, QQQ, DIA, IWM, VOO, SH, SDS, TZA, TNA, IVV, SSO, TQQQ, SPXU-OLD, UPRO, SPXL, RSP, SQQQ, SPXS, PSQ, VFINX, QID-OLD, QLD, UDOW, DOG, DXD
- Now read: How To Protect Your Portfolio In A Bear Market
Original article