One of the reasons for the Nasdaq outperformance in recent weeks has been that its demand has held up versus wider business owing to the great decentralisation.
This was a once-off tech build-out as the entire world outfitted home offices. Just visit your local Officeworks to see it in action.
South Korean exports are a great leading indicator for global tech supply chains and had held up quite well through the first months of the global shock. No longer.
The first 10 days of May have seen ROK exports smashed 46%:
Which makes one wonder if the tech build-out is now bust and whether the Nasdaq will follow in due course.