The Nasdaq 100 has recorded 1% or greater daily moves in 20 of the last 26 trading sessions, a level of volatility previously seen only during major market events including the dot-com crash, the 2008 financial crisis, the 2020 COVID shock, and the 2022 bear market. Analysts say uncertainty over earnings, interest rates, and Middle East tensions has kept investors cautious while amplifying market swings.

Semiconductor stocks remain at the center of the volatility, with the Philadelphia Semiconductor Index (SOX) posting fifteen 3% daily moves over the past 30 sessions—a streak last seen in 2000. BTIG’s Jonathan Krinsky warned that several market signals are beginning to resemble the March 2000 peak, calling the recent action in chip stocks an “ominous” warning sign.