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Tech Stocks Bear Brunt of Selloff as VIX Volatility Soars to Fresh Peaks 

um editor

UM Editor

April 22, 2024 at 2:07 pm

The major U.S. stock indices experienced losses on Friday, April 19th  with the S&P 500 falling 1% to below 5,000 points and the Nasdaq plunging more than 2%. The sell-off was primarily driven by Netflix (NFLX.US), which exacerbated existing concerns related to geopolitical tensions and persistently high inflation rates. 

Netflix shares plummeted more than 8% after the company’s second-quarter revenue guidance disappointed investors. The streaming giant’s decline was followed by losses in several other tech mega-caps, including Microsoft (MSFT.US), Apple (AAPL.US), Nvidia (NVDA.US), Amazon (AMZN.US), and Meta (META.US). 

Additionally, consumer goods giant Procter & Gamble (PG.US) saw a slight dip in the stock price after reporting quarterly sales figures that fell short of forecasts. Tesla (TSLA.US), too, continued its downward trajectory, losing nearly 2% and marking its sixth consecutive session of declines, amid mounting security concerns surrounding its vehicles. 

Bucking the broader market trend, the Dow Jones Industrial Average gained over 200 points, buoyed by a 6% surge in American Express (AXP.US) shares after the company reported better-than-expected earnings and revenue. 

The Volatility Index (VIX) of the Chicago Board Options Exchange (CBOE), used to gauge market turbulence, experienced a significant escalation of 3.94%, concluding the day at 18.71 points. Such an increase signifies the sharpest intraday rise, with an 18.7% leap to 21.36 points, establishing a new closing high since October 27th of the previous year. 

Overall, the market’s decline reflects a confluence of factors, including disappointing corporate earnings, geopolitical uncertainties, and the ongoing battle against stubbornly high inflation rates, which have collectively weighed on investor sentiment. 

(S&P 500 Index Six-month Chart) 

(VIX Index Weekly Chart) 

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