More gloom from the tech sector — this time from Meta Platforms — is combining with continued pressure on Treasury yields to spark talk of a Red Thursday, or stock selloff, to come. Tech is again set to lead the way lower after the Nasdaq Composite fell into correction territory on Wednesday.
“What we’re seeing in Treasurys should make a lot of people nervous. I’ve never seen anything like it, and I’ve been following this market since the mid-90s,” said Kramer, who recently discussed how the new bull market was already over. Gayed posted a few days ago on Seeking Alpha that the fact many stocks are underperforming is “consistent with a market crash.” He argued in January that a melt-up later in the year was coming, but also predicted a “credit event” due to lagged effects of the fastest rate hike cycle in history.
You can listen to the two discuss the market troubles on YouTube. And here’s the last word via X from Gayed: