A tech sector selloff sent stocks spiraling today, with the S&P 500 and Nasdaq logging their worst single-session drop since September 2022. The Dow followed suit with a 504-point drop to breach 40,000. Tech giants Nvidia (NVDA), Microsoft (MSFT), and Meta Platforms (META) all fell victim to sector weakness following earnings from Alphabet (GOOGL) and Tesla (TSLA). To no investor’s surprise, the Cboe Volatility Index (VIX) scored its biggest percentage spike since May 2022.
OIL, GOLD ON THE MOVE
Oil prices rose, as U.S. crude supplies fell for the fourth straight week. September-dated West Texas crude added 63 cents, or 0.8%, to settle at $77.59 per barrel. Gold prices gained today, capitalizing on the tech selloff and softer U.S. dollar. August-dated gold futures added 0.6%, to settle at $2,426.60 an ounce for the day. More By This Author:Stocks Plummet After Tech Earnings, Manufacturing DataStocks Fall As Tesla, Alphabet Step Up Stocks Bounce As Wall Street Awaits Key Tech Earnings
