Market Performance & Trends - The Dow Jones Industrial Average experienced a significant reversal, closing down 0.8% after starting much higher [1][2] - The NASDAQ Composite closed down 2.15%, near its daily lows, reversing from a green first half of the day [2] - The S&P 500 also followed a similar pattern to the NASDAQ, closing down 1.5% [2] - The NASDAQ 100 experienced a rare occurrence, reversing from being up 2% to closing down more than 2% [3] - The VIX (Volatility Index) closed at 26.51%, the highest level since April [3] - Bitcoin experienced a decline of 3.5% over 24 hours, reaching an 86 handle, with market troubles starting when it cracked 90,000 [8] Sector Performance - Only staples (XLP) were in the green, up about 0.8% [4] - Technology (XLK) reversed from a leadership position, closing down 3% [4][5] - Industrials were down about 1.5% [5] - The chip space experienced outsized losses, with some names down double digits [6] - The software sector also saw losses, though not as severe as the chip sector [7] AI & Tech Industry - Nvidia's earnings beat provided some relief, but concerns about an AI bubble persist [9][10] - Nvidia's investment strategy and its impact on the ecosystem are being scrutinized [14] - Oracle secured a significant contract with OpenAI, leading to discussions about its valuation [21][22][23] - Nvidia is now the largest networking company, surpassing Cisco's networking business [31] Economic Indicators & Labor Market - Gen Z unemployment is increasing, rising as much as 3.5 percentage points for teenage workers [33] - Wage growth for younger workers is slowing dramatically [39] - Consumer sentiment is forecasted to rise to 50.6%, indicating slight optimism about the economy [52] Retirement Savings - Fidelity reported a record number of Americans reaching 401k millionaire status, with millennials showing significant growth [44][45] - The average 401k balance at Fidelity was approximately $144,000, up 5% [46] - The average savings rate for 401k millionaires is 17.6%, with a total contribution rate (including employer contributions) of 26.2% [48]