This after a short false rally after the Fed raised interest rates .5%….
This the biggest loser day for Wall Street in 2 years….
Lot of lost money today…..
The market isn’t the economy…
But it sure is hurtin like it….
The moves come after a major rally for stocks on Wednesday, when the Dow surged 932 points, or 2.81%, and the S&P 500 gained 2.99% for their biggest gains since 2020. The Nasdaq Composite jumped 3.19%.
Those gains had all been erased before noon in New York on Thursday.
“If you go up 3% and then you give up half a percent the next day, that’s pretty normal stuff. … But having the kind of day we had yesterday and then seeing it 100% reversed within half a day is just truly extraordinary,” said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research.
Large tech stocks were under pressure, with Facebook-parent Meta Platforms and Amazon falling nearly 6.8% and 7.6%, respectively. Microsoft dropped about 4.4%. Salesforce tumbled 7.1%. Apple sank close to 5.6%.
E-commerce stocks were a key source of weakness on Thursday following some disappointing quarterly reports.
Etsy and eBay dropped 16.8% and 11.7%, respectively, after issuing weaker-than-expected revenue guidance. Shopify fell nearly 15% after missing estimates on the top and bottom lines.
The declines dragged Nasdaq to its worst day in nearly two years….
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Thursday’s sell-off was broad, with more than 90% of S&P 500 stocks declining. Even outperformers for the year lost ground, with Chevron, Coca-Cola and Duke Energy falling less than 1%….