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STOCKS CRUSHED: Here's What You Need To Know (DIA, SPY, SPX, QQQ)

Car Crushed Stone

Things got ugly today. The momentum stocks of the Nasdaq saw it the worst.

First, the scoreboard:

  • Dow: 16,169.9 (-267.2, -1.6%)
  • S&P 500: 1,833.1 (-39.0, -2.0%)
  • Nasdaq: 4,054.1, (-129.7, -3.1%)

And now the top stories:

  • It's hard to say if there was any one event that triggered today's sell-off. U.S. futures moved into the red a few hours before the U.S. markets opened.
  • Today's underperformance of the Nasdaq continues a trend which started on March 5 in what strategist Ed Yardeni dubbed as the "internal correction."  This correction is characterized as "money coming out of high-priced growth stocks and going into lower-priced value stocks," he explained. The big losers have been Internet software and services companies, health care technology companies, and biotechnology companies.
  • The biggest losers in the S&P 500 today were indeed the biotech stocks including Alexion Pharmaceuticals, Gilead Sciences, Vertex Pharmaceuticals, Celgene, and Biogen Idec. The iShares Biotechnology Index (IBB) fell by over 5%. Industry analysts have generally been bullish on the industry based on the long-term profit potential of drugs in the developmental and regulatory pipeline. "Large cap biotech is now trading at a 2015 and 2016 PE discount to the S&P500!" exclaimed Credit Suisse's Ravi Mehrotra and Koon Ching in a recent note to clients.
  • Big tech darlings also underperformed today. Netflix, Facebook, and Google were all losers.
  • Don't Miss: Wall Street's Brightest Minds Reveal THE MOST IMPORTANT CHARTS IN THE WORLD »

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