Video summary
The market closed with mixed sentiment as the trading day drew to a close, characterized by significant selling pressure in technology and memory stocks following Nvidia's earnings report from Wednesday. The S&P 500 finished down approximately 17 points, trading at 4,7674 after an early morning dip that saw it drop over 200 points before recovering slightly near the opening price levels. Similarly, the NASDAQ 100 retreated by about 8%, losing roughly 231 points to settle around 19,156, while the Dow Jones Industrial Average managed to gain a quarter percent, rising 131 points to reach 53,484 as investors rotated out of tech into more traditional sectors. The Russell 2000 also declined by nearly 7%, hovering just above the 3,000 mark at 3,001.
In the realm of memory and semiconductor stocks, the weakness was particularly pronounced with Micron falling to 8.87, a drop of 5.3% for the session, while SanDisk experienced a sharper decline, dropping 10% intraday before settling down 6.1%. Seagate also lagged behind, losing 5.5% as concerns mounted over pricing strategies and market reactions to Nvidia's recent performance. Despite these equity declines, Bitcoin continued its upward momentum, climbing another 2.5% to briefly surpass the 80,000 level for the first time since May, reflecting a strong technical base built after February lows and supported by high trading volumes as the dollar index showed slight strength at 99.
Commodities and fixed income markets displayed varied performance throughout the session, with gold reaching an intraday high of 4,738 before settling just under 4,700, marking a gain of $16 for the day. The ten-year Treasury yield ticked up by six ticks to settle at 1.0806%, while the five-year note yield hovered around 4.7%. Volatility remained elevated as the VIX index rose by 63 points, and the GDX gold miners ETF traded near its session high of 104.66, gaining a few pennies despite the broader equity sell-off. As the dollar strengthened slightly, these asset classes reacted differently, highlighting the complex interplay between currency strength, yield movements, and investor sentiment heading into the final hours of trading.
Read the full video transcript
TFN
the Tiger Financial News Network
TFN
Headline News Update.
Good afternoon, folks. Tommy O'Brien
coming to you live from TFN, 3 p.m.
Eastern time, final 60 minutes of the
trading day, and we got mixed market out
here. S&Ps down about 17 points. You get
a little selling right out of the gate
this morning. You come back and test
that opening price action and we're just
off that price level. S&P is off by
about 210% off 16 points trading at
7674.
It's memory stocks. Yeah, they're
trading lower with technology. We got
Nvidia earnings on Wednesday. You have
the NASDAQ 100 off by 8/10% and clon
back a decent portion. We were down
about 400 points early this morning.
We're down by 8/10% or 231 points.
29,156.
The Dow gets a rotation as they sell the
tech stocks. They buy the Dow. The Dow
up a quarter% up 131 points, 53,484.
And the Russell off by 7/10% just above
3,000 at 3001. Bitcoin continuing the
run up another 2.5%. We had 80,000 for
the first time in let's see how long.
Yeah, we were back up here in May, but
quite a run. You build a base right
where we lose. I mean, you look at
charts like this, you better believe
technicals matter, folks, right? You hit
those lows in February, you come back,
you build a base, and look at the volume
in Bitcoin on this recent run as the
dollar's getting toasted and not today.
But ever since that dollar acceleration
really dollar right now, a little bit of
strength today is the dollar trading at
99, up by 20 pennies right now. We jump
over to yield. You got a 10 year right
now up by six ticks. 10806. Let's go
back to a fivem minute chart.
Excuse me. The tenure at about 4.7%
right now. And you jump over to gold.
And yeah, gold hits a high of 4738 this
morning. We're trading right now just
under4700. Up by $16 on the session. We
jump over the equities. The GDX right
now. We were as high as 10466. Positive
by 16 pennies right now in a VIX up 63
pennies. And as I mentioned, the memory
stocks. You got Micron drives down to
8.87 this morning still down by 5.3%.
SanDisk was down 10% at one point down
6.1% right now.
Seagate off 5.5%. Some numbers and
Nvidia with their numbers on Wednesday.
How about that one? Down 2.4% for
Nvidia. They're jacking up prices.
Market's a little worried. They're
jacking up prices. Is that going to be a
problem? Nvidia memory stock memory
chips
S&P's off by 17. Stay tuned, folks.
Coming back for the Tom O'Brien Show. Be
right back.