Tech Tumbles, VIX Spikes, and Uranium Soars – May 23 Market Recap

Markets sold off to close the week, with major indices posting sharp declines led by weakness in technology. The Nasdaq slid 1%, the Dow and S&P 500 both dropped 0.61%, and the Russell 2000 barely budged.

Today’s episode dissects the key drivers behind the pullback, including surging Treasury yields, profit-taking in big tech, and a spike in volatility. We also highlight the sector rotation into materials — with uranium, copper, and gold miners among the top performers.

Lee spotlights the day’s biggest movers:

• Merus N.V. (+32.55%) and Regencell Bioscience (+26.4%) lit up the biotech board.

• Uranium Energy Corp surged on nuclear momentum.

• On the flip side, Deckers Outdoor and Workday plunged on disappointing outlooks.

We also dive into:

• The options market’s defensive tilt and VIX jumping nearly 9%,

• ETF flows showing a retreat from tech and a move into commodity-linked names,

• A mixed day in crypto, with Bitcoin and Ethereum under pressure while Solana edged higher.

Lee wraps with what to watch after the Memorial Day break, including consumer confidence, Fed commentary, and key inflation reads.