As Bloomberg reported:
A rout in technology shares deepened Friday, threatening to push the S&P 500 Index into corrective territory with the Nasdaq, as one of the most tumultuous weeks in equity markets this year draws to a close. Treasuries and gold rose as investors sought refuge.
The S&P 500 remains on track for the worst month in eight years. The tech-heavy Nasdaq indexes bore the brunt of selling after Amazon.com and Alphabet sank on disappointing results. The CBOE Volatility Index shows price swings are the greatest since February.
in other words, our macro team's call in late September was spot on.
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