Market Insider

Will 'technical tsunami' continue as stocks try to stabilize?

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What's spooking stocks

With the weekend in sight, traders are likely to play defense Friday after Thursday's big stock market wipeout.

Stocks were slammed Thursday, as bond yields fell and the 10-year note yield dropped below the key 2.50 percent level. The Dow had its worst day in five weeks, losing 1 percent to 16,446, and the lost nearly a percent to 1,870.

But the Nasdaq and Russell had an interesting recovery late in the day. Both led the market lower but both reversed some losses in the last hour, with the Nasdaq finishing down 0.8 percent at 4,069, and the Russell 2000 down 0.7 percent at 1,095. At one point during the day, the Russell dipped to 1,083, more than 10 percent from its March high.