Bitget Futures Market Update

A wave of $100 billion in mechanical selling pressure triggered a "head start" on Wall Street, but these early moves by smart money instead accelerated the sell-off: the Nasdaq fell 6.4% in a single day, semiconductors plunged 12%, and the “best of the year” AI and energy barbell trades collapsed within 48 hours. Even more dangerously, lagging selling pressure is still on its way. This reflexive storm demonstrates that when everyone knows the same script and acts on it simultaneously, the script itself stops working.

For weeks, major Wall Street trading institutions have been saying that stock market gains would resume after the US midterm elections. However, Thursday's market performance brought a dramatic reversal to this prediction.

Bernstein lowered Datadog's target price from $350 to $273, but maintained its "outperform" rating.

BTIG Chief Technical Strategist Krinsky warns that yesterday's sharp decline in the US stock market is not the bottom, but just the beginning. Nearly 70% of S&P 500 components are still trading above their 200-day moving average, and elevated breadth indicators suggest that the sell-off is far from over. If "defensive sectors" such as healthcare and consumer staples start to fall as well, the real "generals and soldiers falling together" will occur, and the S&P may head straight for 7000 points.