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Stocks continue to slump, Nasdaq down another 1.5%

Published 10/08/2018, 11:56 AM
© Reuters.  Stocks continue to slump, Nasdaq down another 1.5%
US500
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DJI
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US2000
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MSFT
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DIA
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IYR
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IVV
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SPY
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QQQ
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ADBE
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AMZN
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CRM
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NFLX
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SPXL
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SPXS
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DXD
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IWM
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QLD
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SDS
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SSO
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TNA
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TZA
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UDOW
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UPRO
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VOO
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PSQ
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VNQ
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RSP
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DOG
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SH
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XLU
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TQQQ
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SQQQ
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VFINX
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  • 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


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