The market chose to go down today on Google's disappointing Q3 earnings report rather than Microsoft's upside surprise on Tuesday after the close. Contributing to today's selloff was the rebound in the 10-year bond yield back up to 4.95%. Tech has been weighing on the market since mid-July as the yield rose by 100bps. The Nasdaq is down 10.7% since its 2023 peak on July 19 (chart). It fell to its 200-day moving average today (chart). The S&P 500 is down 8.8% from its July 31 peak and fell below its 200-dma today.
