The Nasdaq is down 2.8% in a broad (and broadening) equity rout after non-farm payrolls. It highlights just how sensitive the market is to economic data. The jobs report wasn’t much more than a touch strong and stocks are puking on fear of more Fed hikes.
What had been a sensational week (+5%) has now been sapped to just 1.7%.
There’s a chance here for a double bottom but it will take some help from next week’s economic data, including Thursday’s CPI number.
Nasdaq weekly
