Yesterday's historic rally gave way to an even greater historic selloff today, with the collapsed tech sector gripping Wall Street. The Dow dropped 1,833 points, while the S&P 500 and Nasdaq fell 334 and 1,421 points, respectively. All three major indexes suffered their worst single-session percentage decline since the Liberation Day rout on April 4, 2025.
For the Nasdaq, however, today's net drop is its worst in over 26 years, with the tech-heavy index now in correction territory. No sectors were spared today, but chip ETF iShares Semiconductor (SOXX) was hit the hardest, shedding 12%. The Cboe Volatility Index understandably spiked 69.7%, its largest one-day pop since Dec. 18.
Oil Back Above $90 as Tanker Attacks Weigh
Oil prices rallied today, as attacks on tankers in the gulf continue. December-dated West Texas Intermediate (WTI) gained 3%, or $2.59, to close at $90.71.
Gold prices kept up the momentum as the U.S. dollar weakened with bond yields. December-dated gold futures rose 1% to settle at $4,113.50 per ounce.
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