00:00 Speaker A
Stocks logging in another day of steep losses here, ending a roller coaster week on Wall Street. The Dow off over 700 points, the Nasdaq pushing further into correction territory, and our very own Brooke Depalma is standing by with the very latest. Brooke.
00:18 Speaker B
Josh, a roller coaster to say the least. We’re seeing all three major indices. We saw this momentum slide down in the afternoon uh this during the trading session. The Dow now down 790 points. We also have the Nasdaq, which is down 460 points to end the day, and the S&P 500 down 100 points. If you take a look over the past month, and really, if you take a look over the past month as well, what we know is that when this war started, we were close to 6900 and now as it’s continued throughout the month, the S&P 500 is down more than 7%. It’s actually on track for its worst month since 2022. And and it’s hard to believe that when we started out this month, which largely coincides with the start of this war with Iran. We we never could have predicted this to sort of end this month. And with that being said, what we also have seen is this volatility index really jumped dramatically. Over the past month, we’ve seen this upward momentum and year to date, I also want to take a look at that because when we started this year, we were only at about 13 points. Now we’re at 31 points and largely what this is sort of saying is that investors are calling the red flag. Investors are certainly nervous about this market right now as we make our way into the spring, almost a year out from when we got those tariff announcements from President Trump.
01:43 Speaker B
And largely what this market is hyper concerned about is that price of oil. And what we’ve seen over the past few days is definitely uh momentum continue as crude moved higher, now around $100 per barrel. Over this past month though, we’ve seen such volatility. And what we saw just earlier this week, if you take a look right there over the past six days, is we started this week with President Trump posting that we could see this war come to an end. and as the week went on, investors weren’t really buying that. And now we’re seeing crude across almost cross $100 per barrel as we make our way into the weekend. We’ll have to see how it opens on Sunday evening. Brent seeing similar now crossing over $100 per barrel after declining to almost $95 a barrel earlier this week. Gold, it seems like investors are now returning to the safe haven. Gold up about uh 3% over the past six days. And in intraday trading, you sort of saw this upward momentum as we made our way towards the close. And so, overall picture here, Josh, is that investors are sort of taking on this risk off approach.
02:53 Speaker B
And we’re also seeing cryptocurrency see a similar return as investors sort of step back a bit to what exactly they’re saying is they’re sort of trying to parse through all this noise right now.
03:07 Speaker A
Yeah, let’s talk about the Mag 7 too, before you go because you you talk about these names, big names, liquid, they become a source of funds. Our colleague Brian posted on X here, tech stock valuations now, actually back to lows seen around April last year. So during that tariff shock. But what what do you make of what’s going on in tech?
03:31 Speaker B
Yeah, well let’s take a look at Google and Meta. Of course, they were in that landmark lawsuit against that California uh teen about it being addictive, the social media. We are seeing meta and Google, if you take a look at intraday right now, we had year to date, intraday trading, we are seeing Google and meta close lower. Meta actually on track for its worst month since October. So if you take a look over this past year, you sort of saw this this return to optimism as we made our way towards the start of the year. now seeing those lows mimicking similar returns to what we saw even during that April sell off as you can see over the past year, meta down 12%. On top of that too, there’s fear that this higher interest rate environment, uh higher for longer could also impact these major growth stocks. We have Nvidia, Apple, Google, Microsoft, all down within today’s trading session alone, down more than 2%. and certainly if you take a look at year to date, these stocks have seen quite a slide here down double digits for the most part when it comes to Nvidia, Microsoft down 26%, Meta down 20% and Tesla also almost down 20% as well. and certainly that’s extending into software stocks as well. Year to date, it’s been a major seller for these stocks too.
04:47 Speaker A
All right, thank you Brooke, appreciate it.
