Keep pulling the thread on Closing Bell.
Broadcom experienced its worst two-day trading period ever, with shares falling 12.6% on the previous day and closing down another 7.6% today.
The Nasdaq 100 closed down 4.8%, marking its worst one-day drop since the 6% decline on April 4th, 2025.
The Philadelphia Semiconductor Index (SOX) experienced a 10% drop, its worst single-day performance since March 16, 2020.
Lululemon stock closed down 8.6%, reaching its lowest levels in more than eight years.
Lululemon reduced its annual revenue forecast to a range of $11 billion to $11.15 billion, which is below the average analyst estimate.
The price of Bitcoin fell below $60,000 for the first time since October 2024.
A recent strong labor market report is fueling speculation that the Federal Reserve may have to raise interest rates rather than cut them.
The Nasdaq 100 index was down 4.6% heading into the close of the trading day.
The S&P 500 index was down 2.5% heading into the close of the trading day.
The Russell 2000 index was down 3.5% heading into the close of the trading day.
The recent market sell-off is primarily driven by concerns over technology company valuations.
A higher interest rate environment negatively impacts the valuations of high-priced technology stocks.