Dave ☂️

Tech Stocks in Bear Market Territory: 1. SanDisk, $SNDK: -66% 2. Arm Holdings, $ARM: -64% 3. Coinbase, $COIN: -63% 4. Nebius, $NBIS: -62% 5. Seagate, $STX: -60% 6. Marvell Technology, $MRVL: -59% 7. ServiceNow, $NOW: -57% 8. Oracle, $ORCL: -56% 9. AppLovin, $APP: -54% 10. Circle, $CRCL: -54% 11. Super Micro Computer, $SMCI: -51% 12. Micron, $MU: -48% 13. Dell, $DELL: -47% 14. SpaceX, $SPCX: -47% 15. Qualcomm, $QCOM: -43% 16. Broadcom, $AVGO: -41% 17. AMD, $AMD: -39% 18. Robinhood, $HOOD: -38% 19. Alphabet, $GOOGL: -32% 20. Tesla, $TSLA: -32% 21. Palantir, $PLTR: -28% 22. TSMC, $TSM: -28% 23. Meta, $META: -26% 24. CrowdStrike, $CRWD: -26% 25. Nvidia, $NVDA: -25% The S&P 500 has now erased -$4 trillion in market cap since October 6th.

Inflation has more than wiped out all US consumer wage gains since the 2020 Pandemic: US consumer prices have risen +31.3% since April 2020, to an all-time high in September. Over the same period, average hourly earnings have increased just +25.9%. This comes as CPI inflation has now been above the Fed’s 2% target for 67 consecutive months, the 3rd-longest streak over the last 100 years. The only 2 longer streaks lasted 242 months, ending in 1986, and 128 months, ending in 1997. Inflation continues to erode the spending power of Americans.