Tech Bounces, but the S&P 500 Still Has Its Worst Week Since April 2025
Tech got a bounce but finished well off the highs and most stocks slipped as yields and the dollar rose after a blowout employment report.
Tech got a bounce but finished well off the highs and most stocks slipped as yields and the dollar rose after a blowout employment report.
Independents drove a lager-than-expected bounce, but sentiment fell for the biggest stockholders and the survey closed before the election and this week’s AI selloff.
Payrolls jumped 165,000 with 84,000 in upward revisions, topping every estimate, and wage growth beat. The household report was also very strong.
Chips are leading the snapback, but breadth is thin, and a durable low still needs a test that holds.
I made some aggressive moves — selling and buying — during an ugly day on Wall Street.
Thursday’s rout set up a snapback, but many trapped buyers are waiting to sell into it.
Heavy selling in tech and semiconductor stocks is pushing sentiment and momentum indicators toward extremes that often precede powerful short-term rebounds.
Worries that Democrat political gains will slow the AI buildout morphed into a broader selloff Thursday pulling every sector lower, led by Tech.
This time, investors didn’t rotate, they ran for the safety of cash.