A Look Inside Today's Tech Wreck

Earlier today we warned that even according to Goldman's TMT specialist, "There Is Growing Fatigue Around The Lack Of Performance Outside Of AI And Mag 7", and sure enough as the day progressed it only got worse, with the biggest fireworks going off after the close when several high profile bombs went off.

As Goldman tech trader Peter Callahan writes in his daily market post-mortem, today was a "very tough session today that saw: 1) extreme pressure across the software space (largest 1d move lower in ~2 years),  2) a big reversal in recent Momentum winners (NVDA / FICO / IT / DELL / MU types down -4%), and 3) sneaky outperformance of defensives, specifically (names like VZ, T, AMAT, SBAC, CMCSA up +2-4%)."

Here are some more details from Callahan's note: