By Barbara Kollmeyer
He also highlighs another chart from Bilello, showing that even some of those Nasdaq “soldiers” — growth/tech/IPO/SPAC favorite — taking it on the chin:
As some on Twitter responded to that chart, maybe the market correction has already happened and everyone should stop looking for it to happen in the major indexes.
The buzz
The White House announced it will release 50 million barrels of oil from its strategic oil reserves (SPR) as expected, and oil prices /zigman2/quotes/209723049/delayed CL00 +0.83% are continuing to fall. The market is now waiting to see if OPEC and its allies rethink their own plans to boost production. Oil /zigman2/quotes/209723049/delayed CL00 +0.83% has rebounded strongly, up more than 2%.
The pressure is on for Zoom Video /zigman2/quotes/211319643/composite ZM -1.32% after executives spoke of declining revenue , despite the video conferencing group’s upbeat results and full-year revenue outlook.
Also falling are Abercrombie & Fitch /zigman2/quotes/206677024/composite ANF -3.75% shares after the teen retailer beat forecasts , but also spoke of “ongoing supply chain constraints,” delivery delays and higher costs.
And cut-rate retailer Dollar Tree /zigman2/quotes/203712248/composite DLTR -5.67% is raising prices to $1.25 . Shares are down.
The markets
Stocks /zigman2/quotes/210599714/realtime SPX +0.01% /zigman2/quotes/210598065/realtime DJIA +0.03% are struggling for traction , with a little pressure on the Nasdaq /zigman2/quotes/210598365/realtime COMP -0.30% seeing a little pressure as 10-year /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +1.46% and 2-year /zigman2/quotes/211347045/realtime BX:TMUBMUSD02Y +1.73% yields surge. The Turkish lira /zigman2/quotes/210561895/realtime/sampled USDTRY +0.3540% is sinking to new lows, down 12% against the dollar after comments by the country’s leader.
Random reads
Here’s why China banned this viral song .
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