BUSINESSFORTUNE
Wall Street dumped nearly $1 trillion in tech stocks by midday—then clawed it back and bought peanut butter and paint
The Nasdaq Composite dropped over 4% by midday before recovering to close down 1%, driven by a sell-off in tech stocks like Marvell, MSTR, and the 'Parabolic 7' chipmakers. Investors rotated into consumer staples such as Smucker, Home Depot, and Sherwin-Williams, signaling a shift away from AI-linked tech trades amid anticipation of SpaceX's IPO and upcoming inflation data.
Mentioned
Nasdaq CompositetopicMarvellorganizationMSTRorganizationAppLovinorganizationLumentumorganizationParabolic 7topicSmuckerorganizationHome DepotorganizationSherwin-WilliamsorganizationSpaceXorganizationOpenAIorganizationAnthropicorganizationRichard SteinbergpersonBrian JacobsenpersonMichael MonaghanpersonAI jitterstopicStrait of Hormuzplace
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