Tech Gets Smoked (Like it’s 2022)... Goldman Sachs Makes Laughable Forecast

Hope you like barbecue, because tech stocks got smoked like a Texas brisket. The Nasdaq lost nearly 5%, marking its worst day since 2022, while the Dow tumbled 890 points and the S&P 500 slid 2.7%.

The “Magnificent Seven” were a sh*t show yet again… Tesla crashed 15%, wiping out its post-Trump election gains, while Nvidia, Apple, Alphabet, and Meta all dropped over 4%. Even Palantir (who many thought was bottoming out) got slammed 10% as traders fled risk.

What sparked the sell-off? Checks notes… oh, right, “mounting economic uncertainty” (because that’s new). Trump’s tariff policies are still hanging over the market like a bad fart in a crowded elevator, and his attempt to soothe fears by calling the economy’s struggles a “period of transition” didn’t exactly land.

Crypto didn’t get a free pass either. Even with Trump cozying up to the crypto crowd, Bitcoin fell below $78,000… now down 28% from its January high. Coinbase fared even worse, tanking 18% like it’s reliving its 2022 glory days.

Speaking of barbecue, if you need a market temperature check, the Cboe Volatility Index (aka the fear gauge) just hit its highest level since December, while Goldman Sachs conveniently cut its forecast after the market started tanking (nice try).

So, was this just a brutal Monday, or are we about to see another 2022-style bear market where every dip just keeps dipping? That’s the multi-trillion-dollar question. In the meantime, this week’s economic reports might either settle some nerves or turn this sell-off into a full-blown meltdown. CPI drops Wednesday, PPI follows Thursday, and by Friday, the Consumer Sentiment Index will confirm just how optimistic (or pessimistic) we should be for the rest of the year.

If you read all of this, congrats for having a 10 second attention span (better than me). As always, here’s our heatmap for today.