Nasdaq drops 2% as chip and software stocks sell off

• Major US indices are down, with Nasdaq Composite falling 2.37% and S&P 500 down 1.31%.
• The CBOE S&P 500 Volatility Index (VIX) surged over 24% intraday to 20.41, and is up over 36% year-to-date, signaling heightened fear.
• Crude Oil Futures (WTI) are up 2.55% intraday, nearing $100, and up 5.57% for the week.
• The Technology Select Sector SPDR Fund (XLK) is down 3.04% intraday and 7.7% for the week, exhibiting a 'bull trap' pattern.
• The iShares Semiconductor ETF (SOXX) is down 3.67% intraday, falling below the $500 level.

The market is experiencing a broad sell-off, with the Nasdaq Composite leading declines, down over 2%. Rising oil prices and a significant jump in the VIX indicate increased market volatility and investor concern, particularly impacting tech, software, and semiconductor stocks. The speaker notes a 'bull trap' pattern emerging in tech.