For many today's session was a brutal reminder that the Aug 5 was not even a month ago, and rightfull so: the session after Labor Day holiday was the third worst trading day this year for the S&P 500 (-3% on 8/5 and -2.31% on 7/24)
It’s also the third session since Dec 2022 in which the S&P lost more than 2%. For the S&P the day ended with a loss of -212 bps, while the Nasdaq and tech stocks in bore the brunt of today’s selling with the tech heavy index dropping -326 bps, while the semiconductor index cratered more than 7.1%, its worst one-day drop since the covid crash.
