Welcome to Markets Desk, here's what's moving right now.
Tech is leading the broader market lower today, and the damage is meaningful. The Nasdaq one hundred is off nearly two and seven tenths percent, dragging the S&P five hundred down one and a quarter. The Dow is holding up better, shedding just under a third of a percent, but make no mistake — this is a tech-driven unwind.
The question the street is asking is whether this is the beginning of something larger or simply a long-overdue exhale. After two years of AI-fueled euphoria, valuations in the sector stretched well beyond what fundamentals could comfortably justify, and markets are now doing the uncomfortable work of repricing that optimism. The trigger isn't new — it's the Fed's December projection of fewer rate cuts ahead, still echoing through risk assets weeks later.
Meanwhile, the dollar is catching a bid precisely because equities are selling off. The dollar index climbed to a thirteen-month high, up a third of a percent on the session. When equity markets shake, global investors rotate into dollar-denominated liquidity as a defensive posture — and with the Fed signaling higher rates for longer, that carry advantage only sharpens the move.
That's the tape. Markets Desk, signing off the floor.