U.S. Stocks Near Correction Territory
At the time of writing this, U.S. stocks are down sharply midday Monday, with the Nasdaq (NQ.M18) posting numbers below the start of the year. Tech stocks extended their decline from last week, with some of the market-leading large-cap internet & tech companies leading the market down. Tesla fell about 5.5% after the NTSB said that it was not happy with the way the company revealed information about a fatal car crash. Following this, CEO Elon Musk tweeted an April Fool’s joke about the company going bankrupt, after the company’s stock already fell 22% in March. The Nasdaq Composite Index is now down around 9.9% from its 52-week high, only 0.1% away from being considered in correction territory. The S&P 500 isn’t holding together much better either, with all 11 of its sectors posting losses on the day, with most of them losing more than 2%. Front-month volatility is also up over 10% on the day, bringing yet another bout of high intraday volatility.