CNBC's "Fast Money" Stocks Sell Off Into the Weekend, and Charting Netflix’s Next Move 9/15/23
Sep 15, 2023
Big tech leads stocks lower, setting up trends for the upcoming Fed meeting. Netflix's worst week prompts analysis of its future direction. Discussion of recent stock market sell-off, tech sector underperformance, and potential impact of buying ARM on semiconductor and tech stocks. Reflection on Lehman Brothers' bankruptcy and changes in Wall Street. Underperformance of investment banks and brokerage groups compared to S&P 500, with final trade recommendations.
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Tech Selloff and Interest Rate Fears
- Tech stocks, especially semiconductors, led market losses, signaling potential concern over rising interest rates.
- Despite central banks holding rates, the underperformance of key tech sectors suggests fear in the market.
China, Apple, and Semiconductor Weakness
- The market selloff was likely triggered by China and Apple, causing a ripple effect through the tech sector.
- Semiconductor underperformance, possibly due to ARM Holdings' IPO, further fueled the decline.
UAW Strike's Ripple Effects and Layoffs
- The UAW strike impacts not only the directly involved plants, but also creates ripple effects.
- Layoffs are occurring at other plants due to part shortages, demonstrating the interconnectedness of the industry.