Tech Selloff Hits Hard – Silver Swings Wild, Gold Holds

Market Overview - Major indexes opened sharply lower, primarily driven by Microsoft’s earnings miss, resulting in an 11% drop, marking its worst day since March 2020 due to slower cloud growth and soft margin guidance [1][2] - Concerns arose that AI could disrupt Microsoft’s core business model, negatively impacting other software companies such as ServiceNow (down 12%), Oracle (down 5%), and Salesforce (down 8%) [2] - By the close, the S&P 500 and Nasdaq finished lower but recovered from session lows, with more stocks advancing than declining, indicating a healthier market breadth [3] Commodity Performance - Copper experienced significant volatility but ultimately gained over 5%, while gold saw a modest gain after fluctuations [4] - Silver fluctuated between a high of $122 and a low of $107 before nearly recovering to flat, whereas Bitcoin dipped to the $84K level and remained there [4] Bond and Currency Markets - Bond yields decreased, while the dollar experienced volatility but ended unchanged [5] - The relationship between crypto and risk assets like Bitcoin is influenced by liquidity conditions, with a tightening environment leading to pullbacks [5] Trend Tracking Indexes (TTIs) - The session began poorly with major indexes plunging, particularly the Nasdaq, but a bullish wave later helped the market recover, with the Dow finishing slightly positive [8] - Both domestic and international TTIs showed resilience, with the domestic TTI at +7.17% above its moving average and the international TTI at +11.45% above its moving average, indicating a positive trend [9][10]