Falling Knives

DavidMarlin
08:02

Last week was a wild one for US stocks.

The $S&P 500(.SPX)$ ell -2.7% on the week. The $NASDAQ(.IXIC)$ dropped -3.4%, its 4th straight losing week.

But the story of the week was Thursday’s massacre.

The SPX fell -4.4%, its worst day of 2026. The $Invesco QQQ(QQQ)$ dropped -6.5%. Semis got hit the hardest, with the $Philadelphia Semiconductor Index(SOX)$ tanking -12.3%.

Friday brought some relief with an oversold bounce. The Nasdaq finished +1.1% and the SPX +0.3%. But the $Dow Jones(.DJI)$ finished down -0.5%.

Thursday’s Meltdown

Thursday’s selloff was historic.

It was the 2nd worst day in the history of the Semiconductor Index (dating back to 1994). 👇

Morgan Stanley’s US TMT Momentum bucket is now down -70% from its June highs. This is its largest 1 year drawdown on record.

It was also the 4th worst day for the Nasdaq 100 in the last 15 years, and the 31st worst day EVER.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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