The month started yesterday with something of an unusual move in the Nasdaq as it bucked a broad selloff in global equities. Drilling down further into the movers, a picture became clear.
Money appeared to be pouring into the same select few names that have been driving gains all year long. It looked like a clear shift from funds at the start of the quarter into the megacap tech names. Even Tesla, which reported a big miss on Q3 deliveries, managed to finish higher.
Today it's a different story with a much more selective market including a 3.7% drop in Amazon shares and a 2.9% decline in Microsoft. Those falls more-than erase yesterday's gains.
The composite index is down 1.9% and only a fraction above 13,000. If that goes it could kick off more selling that could snowball if last week's low of 12,963 breaks.
