The bust in the Nasdaq continues today after it looked like it could pull one out of the fire.
Meta is down 24% and only fractionally above session lows as Mark Zuckerberg bets heavily on virtual reality and the market recoils. Google is down in sympathy with the Facebook on advertising worries.
Perhaps more prescient are the 3.4% declines in Apple and 5.0% decline in Amazon ahead of earnings; both are at session lows. The brutal drops in fellow mega-cap technology clearly has the bulls rattled and the multiples compressing.
The Nasdaq is now down 1.5% on the day in a back-and-forth day. It was trading substantially higher at the best levels but this is starting to look like a dead-cat bounce, or at least a divergence with broader equity indexes.
