It’s a good day to be a stock picker. The S&P 500 is having its worst selloff since late April, but more than half the names in the index are up on the day (at the time of writing). Unfortunately for passive investors, and growth funds, the weighting of the tech sector is so high that it can pull the entire index down with it. The equal-weighted index is down just 0.2%.

It does look like the market is concerned by how reliant stocks are on a few big names and that traders are happy to push them down. One trader may have made more than $6.5 million today betting against Nvidia in the options market. The VIX index, which has been stubbornly low for two months has jumped to the highest since the end of May.
The Nasdaq 100 is on course for its worst day since December 2022, with Nvidia hogging the volume. Trading in Nvidia is up nearly 40% from its average at the time of day. Chipmaker Global Foundries, though, is up 5% today, which underlines the theme that this is a stock-picker’s market. The tech sector was last week trading at the highest blended forward PE ratio in at least a decade, with 85% of the index above their 100-dma.
Source: Bloomberg PLC

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