It’s getting ugly.
The Nasdaq opened 1% higher but it’s been a nosedive since and it’s now down nearly 2% and at the lowest levels since in a month
There has been no clear trigger for the reversal but one of the reasons for the rally was dubious. Trump and administration officials once again said a deal with Iran was close or imminent. CNN earlier pointed out that Trump himself has said a deal is close 37 specific times since the war started, so the act is wearing thin.
The real driver of the selling is the inverse of what caused the incredible rally in April: Technology and AI. There are a few things worth noting: 1) The SpaceX IPO Friday is the big day and the latest report is that the deal for 5% of the company is multiple times oversubscribed. How it performs on Day 1 and in the following week will be critical.