Global Selloff in Equity Markets | Closing Bell

Summary

A severe global equity selloff hit markets, led by a semiconductor rout. FedEx reported a beat with pricing power, while quantum computing showed potential. Jay Hatfield's ultra-bullish S&P call and Nasdaq outperformance were highlighted.

• Global equity markets sold off, led by a sharp decline in semiconductor stocks, with the Philadelphia semiconductor index down ~7.8%.
• All 30 components of the SOX index fell, following plunges in Samsung and SK hynix in Asia.
• FedEx reported a fiscal Q4 earnings beat, highlighted a pivot to higher-margin B2B business and pricing power.
• IBM rose on a J.P. Morgan upgrade and participation in an OpenAI cybersecurity partnership; quantum computing momentum noted.
• Jay Hatfield maintained a very bullish S&P 500 target of 9000 by year-end, calling the selloff a mere pullback.
• Nasdaq volatility surged, with the Nasdaq 100 down 3%, but Carol Massar pointed to a growing outperformance gap between Nasdaq and S&P 500.
• Meta Platforms is reportedly developing a prediction market app, causing declines in Robinhood and DraftKings.
• FedEx freight spin-off and cash returns mentioned; Avis Budget settlement and high short interest noted.