Stocks broke out of the gate today seemingly determined to turn a big three-day losing streak into an even bigger four-day plunge.
At 11:30 a.m. today, March 5, the Standard & Poor’s 500 was down 1.04%. The NASDAQ Composite was lower by 2.6%.
The high momentum technology growth stocks were taking another drubbing. Taiwan Semiconductor Manufacturing (TSM), down 5.46% yesterday had slipped another 0.16% as of 11:30 a.m. Twilio (TWLO), clobbered yesterday to the tune of a 7.16% loss, had plummeted another 9.88% as of 11:30 a.m.
And then, the market turned on a dime.
For the day the S&P 500 closed up 1.95% and the NASDAQ Composite gained 1.55%. Taiwan Semiconductor ended the session up 4.51%. Twilio recovery much of its morning plunge to finish just 2.53% in the hole.
The question, of course, is Why? The subject for my next post.
