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Ben Carlson, director of institutional asset management, CFA and author at Ritholtz Wealth Management, highlights significant declines in several market hotspots.
He points to South Korea (EWY) falling 14%, semiconductors (SMH) down 9%, China (EMXC) off 8%, Taiwan (EWT) dropping 7%, and Nasdaq 100 (QQQ) slipping 5%. Carlson compares the correction to needed rain after a long dry spell in these markets.
Earlier in the year, Carlson noted that South Korea outperformed the S&P 500 over the past decade, buoyed by recent gains. He also highlighted the S&P 493 outpacing both the S&P 500 and the so-called Mag 7 in 2024. The latest moves mark a reversal from those earlier trends.