Nasdaq 100 $QQQ is now on track for its worst July in 24 years
Source: Barchart
South Korea's stock market is in free fall.
Korea Exchange halted all stock and program trading for the second consecutive day after the KOSPI crashed -8%. KOSPI triggered its ninth circuit breaker of the year and is down -18% in just two days. South Korea has fallen from the world's 6th-largest stock market to 11th after the crash. Source: Bull Theory
This is what a rotational market looks like
S&P 500 Equal weight (white bars) juste made a new all-time high Nasdaq (in green) is getting hammered Source: Bloomberg, RBC
Semiconductor Stocks Head & Shoulders Pattern almost completely formed now It's sitting right on the neckline, if it breaks 528, look out
Source: Barchart
SK Hynix posted record Q2 earnings but still missed expectations.
- Revenue: ₩79.3T vs ₩80.9T (+257% YoY) - Operating profit: ₩60.5T vs ₩64.0T (+557% YoY) - Net profit: ₩93.9T (+1,242% YoY) Record revenue was driven by strong AI memory demand and higher DRAM and NAND prices. A large portion of net profit came from ₩63.3 trillion in investment-related gains, including gains on investment assets, rather than from its core semiconductor business. SK Hynix crashed -10% after the results and is now down -53% from its all-time high. Source: Bull Theory
July has been nothing but brutal to chip and memory stocks
Source: TrendSpider
Nasdaq 100 Equal-Weight eyes historic divergence. Equal-weighted tech heads for worst month ever relative to S&P 500 Equal-Weight.
Source: HolgerZ, Bloomberg
Per Charles Schwab: Weird times for the Tech sector.
On average (so far) this earnings season, a Tech stock that beats EPS estimates is underperforming the S&P 500 by 3.3% the day of/after reporting. Source: Charles Schwab, RBC
