A historic $200B drop in market value today in Meta caused, in my opinion, the NDX to drop like a stone today. Everyone is paying attention to earnings now that there is nothing new to cover this week. We all know about the Fed tightening (which I said in an earlier post, was not historically correlated with drops in performance) and inflation. Everything is priced in. Only movers now will be earning reports from big tech, as we saw today. Now Amazon's stellar earnings will cause a rally tomorrow the same way Meta's disappointment caused the NDX to decline so much. Proof is in the E-Mini Nasdaq 100 Index (NDX futures).
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