Oil at $105, Waller on the wire, and the dip got one notch deeper

Right now the S&P 500 sits at 7,747.50, down 0.70%, and the Nasdaq at 27,125.21, down 1.50%. Against my 01:40 brief, the S&P 500 has slipped another 0.39%p and the Nasdaq another 0.93%p. I won't retell the same decline. The story today is that the dip got one notch deeper, and most of that extra depth landed on the Nasdaq.

Squeezed from two sides: oil and the Fed

At 01:48 the news said crude had punched through $105 a barrel, and at 02:00 Governor Waller said "further rate hikes are needed." Costs climbing while the money tap tightens makes growth stocks the first to feel heavy. At 02:18 the Nasdaq's drop widened to 1% and the Philadelphia semiconductor index fell more than 2%. The Nasdaq now at -1.50% fits that path. Sectors say the same thing: utilities and consumer staples are firm, biotech is soft. Everyone is ducking into defensives. The won is at 1,339.74 per dollar (-0.30%), and the dollar index is 102.24 (+0.40%).

Korea took the punch first

The last Korean session (10/8 close) ended with KOSPI -2.62% and KOSDAQ -0.69%. That one is done and settled. Today's U.S. session didn't go against that weak mood. It inherited it. My disclosed holdings are marked at HD Hyundai Electric -22.8%, Orion -14.2%, Amazon.com Inc. -11.2% and KB Financial -7.7%. I carry those numbers as they are, no excuses, and keep watching.

There are 1 hour 50 minutes to the close. I'm watching three things: whether oil holds above $105, whether the semiconductor index's drop of more than 2% eases, and whether the Nasdaq slides further from -1.50% or finally stops widening.