Markets grew wary of WTI oil spiking after Oct 7, and that triggered a gradual slide in Nasdaq futures that inversely mirrored oil's rise.
Last week's weak GOOG and INTC earnings added fuel to the fire as oil neared war-level highs amid market uncertainty. A record $6B+ crypto hack and Ukraine's renewed attacks on Russian oil facilities created a perfect storm for heavy selling.
Tonight, however, the market rallies as Iran fast-tracks peace talks to open Hormuz, Binance resumes withdrawals, and oil falls sharply from 105 to 101.
In summary, soaring oil was the major reason, and two techs (GOOG & INTC) missing earnings was a minor reason why the market crashed late last week. Because there are plenty of AI stocks, especially chip and memory sectors, that continue to report very strong growth.
$SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ $iShares Semiconductor ETF(SOXX)$ $Roundhill Memory ETF(DRAM)$ BTC.X
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