Cara, the US market had a tough day today. The S&P 500 fell 0.43%, the Dow Jones declined 1.05%... but what caught the most attention was the drop in the Nasdaq, with the Nasdaq Composite falling 0.92%. When I compare the Nasdaq Composite to the other indices, I see that the pressure on tech was quite strong indeed.

The catalysts were the usual ones: concerning inflation data, rising Treasury yields, and those geopolitical tensions resurfacing. All 11 sectors of the S&P 500 closed in the red, but industrials and discretionary consumer sectors took the worst hit. Defensive sectors like utilities held up better.

Volume above the 30-day average, which suggests conviction behind this sell-off. Technically, the market was already overbought. I think this is more of a healthy correction than a sign of something bigger, but the warning is there. Upcoming economic data and earnings will tell if this continues or if it turns into a buying opportunity.