WS #16722
The Nasdaq 100 has officially entered a technical correction, erasing all daily gains and shedding $1 trillion in market capitalization over a five-hour window. This selloff is characterized by massive institutional hedging, evidenced by a $33.4 million block of SPY puts and 150,000-share dark pool trades in QQQ. The breakdown is exacerbated by specific mega-cap weakness, including Oracle's 9% drop on a $20B raise and Marvell's 12% decline despite a major acquisition, indicating a broad risk-off rotation out of high-multiple growth stocks.
Nasdaq Technical Breakdown
The Nasdaq 100 has officially entered a technical correction, erasing all daily gains and shedding $1 trillion in market capitalization over a five-hour window. This selloff is characterized by massive institutional hedging, evidenced by a $33.4 million block of SPY puts and 150,000-share dark pool trades in QQQ. The breakdown is exacerbated by specific mega-cap weakness, including Oracle's 9% drop on a $20B raise and Marvell's 12% decline despite a major acquisition, indicating a broad risk-off rotation out of high-multiple growth stocks.