Stocks Drops As Vol Rises

EOD

Stocks are moving lower today, with the S&P 500 dropping by 60 bps and the NASDAQ 100 falling by about 2.2%. The move is mostly being led lower by Tesla and Netflix, which has spillover effects into those higher beta names that have also done very well of late.

Additionally, Taiwan Semi gave a weaker-than-expected outlook today, implying that AI will not save the day and make up for broader industry-wide weakness, with revenue expected to fall by 10% and greater than expected.

Also, rates were higher today, following stronger initial jobless claims.