Last week was another eventful one for US stocks with the market continuing to sell off. Despite the Friday bounce (Powell : “the economy is fine”), the SPX closed -3.3% on the week and the NDX finished -3.8%.
The NDX is now down -4% on the year, its worst start to a year since 2022 (the parallels to 2022 just keep rolling in). For reference, the NDX drawdown was -35% in 2022 while we are currently at -10% here in 2025. With last week’s decline, the Nasdaq is now officially in correction territory (-10%+) while the S&P 500 enters this week ‘only’ -6.1% off all-time highs.