(Bloomberg) — The stock market saw its longest losing streak since January as a handful of big techs sold off — despite a slide in bond yields.
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Equities fell for a fourth straight day, with the S&P 500 extending a drop from its all-time high to more than 4%. Chipmakers bore the brunt of the selling after ASML Holding NV’s orders tumbled. Nvidia Corp. led losses in megacaps. A tug of war between bulls and bears unfolded amid the expiration of VIX options — with Wall Street’s favorite volatility gauge whipsawing.
After a 10% stock rally in the first quarter — the strongest start to a year since 2019 — investors have been increasingly skeptical about how much further the market could go over the near term, even accounting for the continued strength in the economy.
“The combination of geopolitical uncertainty, rising interest rates, Fed hawkishness, and inflation frustration have combined to put bears…
