Tag Archives: Qualcomm

Technology

New iPhones have Qualcomm satellite modem, new Apple radio chips

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SAN LUIS OBISPO, Calif., Sept 17 (Reuters) – Apple Inc’s (AAPL.O) iPhone 14 models contain a Qualcomm Inc (QCOM.O) chip that can talk to satellites, but have additional custom-designed Apple components used in the phone’s biggest new feature, according to an analysis of the phone by iFixit and an Apple statement.

Apple released its iPhone 14 lineup on Friday. One of the major new features is the ability to connect to satellites to send emergency messages when there is no WiFi or cellular data connection.

Apple said earlier this month that the iPhone 14 models contain new hardware that makes possible the emergency message service, which Apple plans to turn on with a software update coming in November. Apple did not give details about the satellite-specific hardware.

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iFixit, a San Luis Obispo, California-based firm that disassembles iPhones and other consumer electronics to assess how easily they can be repaired, took apart an iPhone 14 Pro Max model on Friday, revealing a Qualcomm X65 modem chip.

The Qualcomm chip provides 5G connectivity for cellular networks but is also capable of using what is called band n53, the frequency band used by satellites from Globalstar (GSAT.A).

Globalstar earlier this month announced a deal in which Apple will take up to 85% of Globalstar’s satellite network capacity to enable Apple’s new emergency messaging feature.

In a statement to Reuters on Saturday, Apple said there is additional proprietary hardware and software in the iPhone 14 for the new messaging feature.

“iPhone 14 includes custom radio frequency components, and new software designed entirely by Apple, that together enable Emergency SOS via satellite on new iPhone 14 models,” Apple said in a statement.

Qualcomm did not immediately respond to a request for comment.

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Reporting by Stephen Nellis in San Luis Obispo, California; Editing by Leslie Adler

Our Standards: The Thomson Reuters Trust Principles.

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Business

Meta’s chip deal with Qualcomm may reflect its unrealized VR ambitions

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Qualcomm and Meta have signed a multi-year agreement promising to team up on custom versions of Qualcomm’s Snapdragon XR chips for the “future roadmap of Quest products” and “other devices,” as Mark Zuckerberg put it.

While, in some ways, the move is business as usual — the Quest 2 is powered by the Snapdragon XR2 chipset — it could provide insight into Meta’s compromises as it faces declines in revenue and tries to keep the spiraling expenses of Mark’s metaverse project in check.

What the Qualcomm deal shows is that Meta’s upcoming headsets, which reportedly include a high-end headset codenamed Cambria and, later, new versions of its cheaper Quest headset, won’t run on completely customized Meta-designed silicon.

This is despite competing companies like Apple, Amazon, and Google making product decisions around custom chip designs like M2, Graviton3, and Tensor — and the fact that Meta’s had a team dedicated to doing the same since 2018. This press release says the chips will be “customized” for Meta’s needs. Still, we don’t know how much space that can put between its “premium” devices and other manufacturers’ hardware that hews closely to Qualcomm’s Snapdragon XR reference designs.

In April, The Verge reported that Meta employees were working with semiconductor fabs — the companies that actually produce the physical chips — to make custom chips for its as-of-yet unannounced AR headset. That same month, The Information reported that some of Meta’s efforts to create custom chips were hitting roadblocks, pushing it to use a Qualcomm chip for its second-gen Ray-Bay smart glasses instead of its own silicon.

Qualcomm reference designs for wired and wireless smart glasses
Qualcomm

Tyler Yee, a Meta spokesperson, said that the company doesn’t discuss details about how its roadmap has evolved and wouldn’t comment on any specific plans it may have had for custom chips for Quest products. However, Yee did share a statement on the company’s “general approach to custom silicon,” saying that Meta doesn’t believe in a “one-size-fits-all approach” for the tech powering its future devices.

“There could be situations where we use off-the-shelf silicon or work with industry partners on customizations, while also exploring our own novel silicon solutions. There could also be scenarios where we use both partner and custom solutions in the same product,” he said. “It is all about doing what is needed to create the best metaverse experiences possible.”

The backdrop to all this is a company facing a lot of pressure. Meta’s revenue has dipped for the first time (thanks in part to Apple’s changes to how apps are allowed to track users), and Zuckerberg explicitly stated plans to turn up the heat on employees while admitting, “I think some of you might just say that this place isn’t for you. And that self-selection is okay with me.” At the same time, he’s making a massive bet on the metaverse — the company is spending, and losing, billions of dollars per year on the project, which includes AR and VR headsets.

It’s a high-stakes game that Meta would presumably want to play as close to the chest as possible. But for now, it seems the hardware customers access Zuckerberg’s Metaverse with (if they’re going to do that at all, instead of just playing Beat Saber) will remain powered by somebody else’s chips.

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Technology

Galaxy S23 Ultra: Samsung confirms 200 MP camera and brings in Qualcomm 3D Sonic Max as further rumors hint at paradigm-shifting smartphone

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Technology

TSMC Secures 3nm Orders From AMD, Qualcomm & Others Says Report

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This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.

The Taiwan Semiconductor Manufacturing Company (TSMC) has received multiple orders for its 3-nanometer (3nm) chip manufacturing technology according to a report in the Taiwanese media. TSMC is slated to ramp up 3nm production in the current half of this year, and the technology came at the center of controversy earlier this month when it was reported that the manufacturing process would face delays due to Intel Corporation’s design changes for its products. TSMC denied the report and stated that its process technologies were progressing as planned, and now, the Taiwanese publication DigiTimes is reporting that the firm has procured orders from several different companies to manufacture their products with the advanced technology.

Major Technlology Companies Flock To TSMC’s 3nm Process Says Taiwanese Press

The report from DigiTimes quotes sources at an integrated circuit design firm to share details for the orders that TSMC might have received for the 3nm process. Chipmakers have to rely on a strong order list for their new processes, as the high investment and setup costs can only be recovered once a large number of semiconductor wafers are manufactured. The machines used for advanced chip manufacturing are costly to run, and too few orders often result in capacity underutilization which then costs the chip maker more money to manufacture than the profit that it can make.

This also resulted in some controversy when Korean chaebol Samsung Electronic’s chipmaking division Samsung Foundry announced that it was mass producing 3nm processors earlier this year. The decision, widely seen as an effort by Samsung to gain a leg up over TSMC, was also followed by questions related to the potential orders that the company might have received for its products. One such order was confirmed from a Chinese company, but details for the others remained unclear.

A snapshot of TSMC’s chipmaking process. Image: Taiwan Semiconductor Manufacturing Company

DigiTimes reports that TSMC has received 3nm orders from a variety of firms, with the leading companies being the Cupertino, California consumer technology giant Apple, Inc and the Santa Clara, California chip maker Intel Corporation. Intel’s cooperation with TSMC for 3nm has garnered significant media attention, with the latest on this front claiming that the company has dropped the 3nm process for some of its products.

It also reports that in addition to Intel and Apple, the Taiwanese firm MediaTek, NVIDIA, Broadcom, AMD and Qualcomm have all placed orders for the 3nm products. If true, then it will lend TSMC a strong edge over Samsung, as the company will be able to quickly ramp up 3nm production and gain a hefty market share.

DigiTimes adds that Qualcomm is believed to be engaging Samsung for the 3nm chips as well since the company prefers to diversify its suppliers and has other business considerations to keep in mind as well when dealing with Samsung. Qualcomm is the world’s leading smartphone processor manufacturer, and it competes with Samsung on this front as well, with the Korean company’s Exynos processors also targeting the same market as Qualcomm’s products.

Samsung and TSMC’s 3nm technologies are different from each other as they use different transistor designs. TSMC has chosen to stick with the traditional FinFET technology for its products, while Samsung has jumped ahead to the advanced GaaFET technology, which in theory allows for superior performance due to high electrical conductivity.



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Technology

TSMC Secures 3nm Orders From AMD, Qualcomm & Others Says Report

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The Taiwan Semiconductor Manufacturing Company (TSMC) has received multiple orders for its 3-nanometer (3nm) chip manufacturing technology according to a report in the Taiwanese media. TSMC is slated to ramp up 3nm production in the current half of this year, and the technology came at the center of controversy earlier this month when it was reported that the manufacturing process would face delays due to Intel Corporation’s design changes for its products. TSMC denied the report and stated that its process technologies were progressing as planned, and now, the Taiwanese publication DigiTimes is reporting that the firm has procured orders from several different companies to manufacture their products with the advanced technology.

Major Technlology Companies Flock To TSMC’s 3nm Process Says Taiwanese Press

The report from DigiTimes quotes sources at an integrated circuit design firm to share details for the orders that TSMC might have received for the 3nm process. Chipmakers have to rely on a strong order list for their new processes, as the high investment and setup costs can only be recovered once a large number of semiconductor wafers are manufactured. The machines used for advanced chip manufacturing are costly to run, and too few orders often result in capacity underutilization which then costs the chip maker more money to manufacture than the profit that it can make.

This also resulted in some controversy when Korean chaebol Samsung Electronic’s chipmaking division Samsung Foundry announced that it was mass producing 3nm processors earlier this year. The decision, widely seen as an effort by Samsung to gain a leg up over TSMC, was also followed by questions related to the potential orders that the company might have received for its products. One such order was confirmed from a Chinese company, but details for the others remained unclear.

A snapshot of TSMC’s chipmaking process. Image: Taiwan Semiconductor Manufacturing Company

DigiTimes reports that TSMC has received 3nm orders from a variety of firms, with the leading companies being the Cupertino, California consumer technology giant Apple, Inc and the Santa Clara, California chip maker Intel Corporation. Intel’s cooperation with TSMC for 3nm has garnered significant media attention, with the latest on this front claiming that the company has dropped the 3nm process for some of its products.

It also reports that in addition to Intel and Apple, the Taiwanese firm MediaTek, NVIDIA, Broadcom, AMD and Qualcomm have all placed orders for the 3nm products. If true, then it will lend TSMC a strong edge over Samsung, as the company will be able to quickly ramp up 3nm production and gain a hefty market share.

DigiTimes adds that Qualcomm is believed to be engaging Samsung for the 3nm chips as well since the company prefers to diversify its suppliers and has other business considerations to keep in mind as well when dealing with Samsung. Qualcomm is the world’s leading smartphone processor manufacturer, and it competes with Samsung on this front as well, with the Korean company’s Exynos processors also targeting the same market as Qualcomm’s products.

Samsung and TSMC’s 3nm technologies are different from each other as they use different transistor designs. TSMC has chosen to stick with the traditional FinFET technology for its products, while Samsung has jumped ahead to the advanced GaaFET technology, which in theory allows for superior performance due to high electrical conductivity.



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Technology

Snapdragon 8 Gen 2 Launch Date Potentially Teased by Qualcomm

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The Snapdragon 8 Gen 2 will potentially see a Q4, 2022 announcement if Qualcomm’s launch history is anything to go by. Now, if you are wondering when exactly will the official unveiling happen, the chip maker may have left a massive clue.

Qualcomm Could Unveil the Snapdragon 8 Gen 1 a Good Two Weeks Before the Snapdragon 8 Gen 1 From Last Year

The Snapdragon Summit is an annual conference where Qualcomm showcases the latest technologies that it has been working on, including one chipset that will fuel future Android flagships. On this occasion, the Snapdragon 8 Gen 2 is expected to be found in premium handsets of 2023, and according to the San Diego chip maker’s events page, the Snapdragon Summit will be held between November 14-17.

Snapdragon 8 Plus Gen 1 Gets Praise for Its Energy Efficiency, Tipster Claims That Customers Can Purchase Android Flagships Without Worry

Looking at Qualcomm’s history, the flagship mobile SoC is typically announced on the first day of the Snapdragon Summit, meaning that the Snapdragon 8 Gen 2 could see an unveiling on November 14. Qualcomm’s phone partners like Xiaomi are also expected to attend the conference, where it may provide a preview of its flagship series shipping with the Snapdragon 8 Gen 2. In this case, those premium smartphones will likely be called the Xiaomi 13 and 13 Pro.

We may also get a preview of the Snapdragon 8cx 3 successor, which is unnamed for now, but earlier reports placed this SoC as a competitor to the M1. Qualcomm stated earlier that it would take advantage of the Nuvia acquisition to bolster its future chipset’s performance in a bid to take on Apple’s M-series. As for what we know about the Snapdragon 8 Gen 2, Qualcomm will likely stick with TSMC’s 4nm architecture to mass produce its next-generation silicon.

TSMC is said to start mass production of Apple’s M2 Pro and M2 Max later this year using its cutting-edge 3nm technology, but it is doubtful that Qualcomm will take advantage of this node at least until next year. Thankfully, with what we have seen with the Snapdragon 8 Plus Gen 1, the Snapdragon 8 Gen 2 will boast improved power efficiency and increased performance.

It may also be the first SoC from Qualcomm to sport a completely new CPU cluster in years, foregoing the ‘1 + 3 + 4’ core configuration and switching to a ‘1 + 2 + 2 + 3’ configuration instead. Whether or not this change will deliver substantial improvements is anyone’s guess, so as always, we will wait for actual results to come through.

More information about this chipset will likely be available in the coming weeks.

News Source: Qualcomm



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Business

SoftBank Pitches IPO for Arm After Deal With Nvidia Falls Through

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TOKYO—After a deal that could have been worth $80 billion to his company fell apart,

SoftBank Group Corp.

9984 5.85%

Chief Executive

Masayoshi Son

is playing salesman for Plan B—an initial public offering of chip designer Arm.

Mr. Son sounded as if he were on a roadshow for investors at a news conference in Tokyo on Tuesday. He said Arm is entering a “golden period” of high demand for the chips it helps create in smartphones, electric vehicles and computer-server farms operated by the likes of

Amazon.com Inc.

The pitch came hours after the Japanese investment and technology conglomerate said it was abandoning plans to sell Arm to Nvidia Corp.—in what would have been the largest semiconductor deal on record—because antitrust concerns stood in the way.

Mr. Son said he was surprised to see the backlash not only from U.S. regulators who sued to block the deal in December but also big tech companies that rely on Arm’s chip designs.

“We saw strong opposition because Arm is one of the most important and essential companies that most companies in the IT industry or in Silicon Valley rely on, either directly or indirectly,” he said.

SoftBank paid $32 billion when it acquired the U.K.-based chip business in 2016. Mr. Son said the sale to Nvidia, under which SoftBank would have received both cash and Nvidia shares, could have been worth $80 billion because of a rise in Nvidia’s share price.

SoftBank now plans to pursue a public listing of Arm by March 2023. Arm shares will most likely be listed on the tech-heavy

Nasdaq Stock Market

in the U.S. because many of Arm’s clients are based in Silicon Valley, Mr. Son said.

He said SoftBank didn’t intend to keep Arm for itself because he wanted outside investors in the SoftBank-led Vision Fund, which owns a quarter of Arm, to be able to cash in through an IPO and because he wanted to give stock options as incentives to Arm employees.

Uncertainties linger around an Arm IPO, including whether the volatile semiconductor business will stay hot through this year.

Chinese tech stocks popular among U.S. investors have tumbled amid the country’s regulatory crackdown on technology firms. WSJ explains some of the new risks investors face when buying shares of companies like Didi or Tencent. Photo Composite: Michelle Inez Simon

Tech shares have fallen recently because of tightening by the Federal Reserve. Fumio Matsumoto, chief strategist at

Okasan Securities,

said that made the timing for a big IPO less than ideal, and he also observed that a strategic buyer in the chip industry might pay more for Arm because of the potential synergy effects.

Still, Mr. Matsumoto said the downturn in Silicon Valley also offered opportunities for Mr. Son, and it made sense to raise cash for his war chest from an Arm IPO. “Because technology share prices have gone through a sharp correction over the past year, we are seeing a good cycle to consider preparing” for new investments, Mr. Matsumoto said.

After a rough patch a few years ago, Arm is on track for $2.5 billion in revenue this fiscal year, which ends in March, up from $1.98 billion the previous year, SoftBank said. Arm’s operating profit, according to one type of calculation used by SoftBank, more than doubled over the past two years to a projected $900 million this fiscal year.

An array of consumer electronics companies as well as semiconductor companies, including

Apple Inc.,

Samsung Electronics Co.

and

Qualcomm Inc.,

use Arm’s designs in at least some of their chips. The designs are known for their low power consumption, making them nearly ubiquitous in mobile devices.

The collapse of the Arm deal is just one of the challenges Mr. Son is tackling in his globe-spanning investment portfolio. He said “we are in pain” over China’s crackdown on its big tech companies, which hit SoftBank investments including its most valuable one, e-commerce giant Alibaba Group Holding Ltd.

The past two years have seen some of the wildest swings in the four decades since Mr. Son started SoftBank. The pandemic, initially seen as a blow, soon emerged as a boon for many technology businesses including those in which SoftBank has invested. SoftBank shares surged, only to fall by half from their recent peak when the China troubles hit and the Arm deal ran aground.

SoftBank’s net asset value, Mr. Son’s preferred measure of the company’s finances, fell by ¥1.6 trillion, equivalent to about $14 billion, in the October-December quarter to ¥19.3 trillion. That is a fall of 30% from the peak in September 2020 and the lowest level since 2017.

Mr. Son blamed the sharp fall in Alibaba shares. The Chinese company, which once made up the majority of SoftBank’s net assets, now accounts for less than a quarter of the total.

SoftBank said it unloaded a small number of Alibaba shares to settle contracts with its lenders, but Mr. Son said SoftBank’s stake in the Chinese company remained close to a quarter.

Mr. Son, who turns 65 this year, has lost a number of top lieutenants in recent years, including Chief Operating Officer

Marcelo Claure,

who stepped down in January after a pay dispute. Mr. Son said that while he was grooming successors, he didn’t intend to step down soon.

“If I stop, I’d become an old grandpa very quickly,” he said. He boasted that when he went bowling recently, he topped 200 points in two different rounds—a fine score for an amateur. “I thought, ‘Hey, I’m still pretty young,’ ” he said.

—Sam Schechner in Paris contributed to this article.

Write to Megumi Fujikawa at megumi.fujikawa@wsj.com and Peter Landers at peter.landers@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Technology

European prices and memory configurations revealed for the Galaxy S22, Galaxy S22+ and the Galaxy S22 Ultra

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Technology

Google Pixel Watch Release Date Rumored to Be May 26

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Samsung’s Galaxy Watch 4 was the first Wear OS 3 smartwatch.
Photo: Victoria Song/Gizmodo

Rumors surrounding Google’s forthcoming Pixel smartwatch have been circulating for more than a year, and while we know some details about the product, a specific release date hasn’t even been speculated.

Today, that changed. Leaker Jon Prosser posted on Twitter that Google is planning on launching the Pixel Watch on May 26, a date that aligns with the company’s I/O developer conference.

Prosser had previously said that Google might reveal the watch alongside the Pixel 6 in October but warned that the date was a moving target. He later corrected the timeline, claiming the watch had been delayed to Q1 2022. Now the device looks likely to arrive in Q2.

While Google hasn’t confirmed the release date—no less the existence of a Pixel Watch—just yet, this latest leak should be encouraging Android users waiting for a proper Apple Watch rival because, as Prosser points out, this is the “first we’ve seen a set date on the device behind the scenes.” Moreover, Google’s I/O 2022 conference, which took place from May 18 to 20 last year, would be a logical launchpad considering it’s where Google announced Wear OS 3, the most meaningful update to its watch OS in years.

We’ve been hearing about a Google-made smartwatch for a long time now, and while Google has squashed those rumors in years past, now might finally be the time. A December report claimed the codename for the device is “Rohan” and that it’ll have a round face (like basically every other Android smartwatch). It is said to offer basic fitness-tracking, like step counts and heart rating monitoring, along with other features taken from Google-owned Fitbit.

There had been plenty of speculation about how Google would approach smartwatches after finalizing its acquisition of Fitbit last year. It was unclear whether the company would release a Pixel-branded device or go the Nest route and put its smartwatch division under the Fitbit brand. Anything is possible, but leaks and rumors suggest the wearable will be a companion device to Google’s smartphones.

If past leaks are accurate, then we’ve already seen the device. Late last year, Prosser posted on his YouTube channel what he claims are official promotional photos. They show a watch similar to the one featured in renders from April—it has a circular design and a practically bezel-free watch face that waterfalls around the edges.

As for specs, the rumored wearable could be powered by a Samsung Exynos chip and support Google Assistant, based on a report from 9to5Google that claims to have found a “PIXEL_EXPERIENCE_WATCH” feature tag within a Google app. It might have been assumed that Google would turn to Qualcomm, but remember, Google partnered with Samsung to help it fix its tragically failing smartwatch OS. We wouldn’t be surprised if this partnership also involved using the other’s hardware.

We don’t know how much the watch will cost, but a recent Business Insider report, corroborated by The Verge, claims it will be more expensive than a Fitbit and priced to compete against the Apple Watch. And like the Apple Watch, the Pixel Watch (if it’s named that) will need to be charged daily. In any case, most of what we think we “know” about the Pixel Watch is based on speculation and rumor, so this Android user is keeping his excitement in check.

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Business

Dow Jones Futures: Nasdaq Breaks Lower As Bond Yields Soar; Apple, Qualcomm, J.B. Hunt Hold Key Levels

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Dow Jones futures rose slightly overnight, along with S&P 500 futures and Nasdaq futures. The stock market suffered sharp losses once again on Tuesday, as the 10-year Treasury yield jumped to a fresh two-year high.




X



The Nasdaq, Russell 2000 and Dow Jones broke below recent lows, while the S&P 500 suffered sharp losses in a broad market sell-off.

Apple stock, Qualcomm (QCOM), CF Industries (CF), Builders FirstSource (BLDR) and Advance Auto Parts (AAP) are five stocks trying to find support at their 50-day or 10-week line. Apple (AAPL) retreated back to its 10-week line, while QCOM stock and Builders FirstSource found support at their 50-day lines. CF Industries and, to a lesser extent, AAP stock bounced off those key levels.

None of these stocks is actionable, given the current market environment, though CF stock is flashing some positive signals. But all are worth watching closely. The relative strength lines are strong for all five names.

J.B. Hunt Transportation Services (JBHT) reported earnings after the close. The trucking firm comfortably beat views, with EPS up 58% and revenue up 28%. JBHT stock was little changed overnight. Shares dipped Tuesday but have found support at their 50-day line in recent sessions, unlike many other trucking stocks. The RS line for J.B. Hunt is at new highs.

JBHT stock and BLDR stock are on the IBD 50.

The video embedded in this article analyzes the market action as well as Apple stock, Builders FirstSource and CF Industries.

Dow Jones Futures Today

Dow Jones futures rose 0.15% vs. fair value. S&P 500 futures climbed 0.1% and Nasdaq 100 futures advanced 0.1%.

In overnight trading, the 10-year Treasury yield rose to 1.88%. U.S. crude oil prices rallied to $87 a barrel as an explosion took an Iraq-Turkey pipeline offline.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks on IBD Live

Stock Market Tuesday

The stock market started off weak and stayed that way. The Dow Jones Industrial Average fell 1.5% in Tuesday’s stock market trading. The S&P 500 index sank 1.8%. The Nasdaq composite dived 2.6%. The small-cap Russell 2000 plunged 3.1%.

The 10-year Treasury yield soared more than 9 basis points to 1.865%, hitting a two-year high. U.S. crude oil prices climbed 1.9% to $85.43 a barrel, the highest close since 2014.

ETFs

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) tumbled 4%, while the Innovator IBD Breakout Opportunities ETF (BOUT) skidded 2.5%. The iShares Expanded Tech-Software Sector ETF (IGV) fell 1.8%. The VanEck Vectors Semiconductor ETF (SMH) gave up 4.5%, with QCOM stock a notable holding.

SPDR S&P Metals & Mining ETF (XME) lost 1.6%, and Global X U.S. Infrastructure Development ETF (PAVE) shed 2.1%. The U.S. Global Jets ETF (JETS) descended 1.8%. SPDR S&P Homebuilders (XHB) retreated 2.85%. The Energy Select SPDR ETF (XLE) eked out a 0.4% gain, and the Financial Select SPDR ETF (XLF) fell 2.2%. The Health Care Select Sector SPDR Fund (XLV) declined 1.4%

Reflecting stocks with more speculative stories, the ARK Innovation ETF (ARKK) retreated 4.15% and ARK Genomics (ARKG) lost 5.6%. Both are trading at 18-month lows.

Five Best Chinese Stocks To Watch Now

Market Analysis

The stock market suffered another punishing loss Tuesday, easily wiping out Friday’s rebound from lows, as soaring Treasury yields rocked Wall Street again.

The Nasdaq composite closed below its 200-day moving average for the first time since April 2020, and undercut the Jan. 10 intraday lows. The next obvious support area would be the early-October low.

The S&P 500, already below its 50-day line, also undercut last week’s lows. The Dow Jones gapped below its 50-day line and recent lows. The Russell 2000 slumped to its lowest levels since March, close to undercutting a yearlong consolidation.

Losses were broad and deep. Losers crushed winners, with growth stocks pummeled once again.

Many energy stocks reversed lower Tuesday even as crude oil and natural gas prices rose yet again.

Financials slumped, despite soaring Treasury yields. A lot of that had to do with Goldman Sachs (GS) selling off on its earnings miss. But rising Treasury yields are a mixed blessing for financials. For one, the spread between short-term and long-term yields isn’t widening. That’s not great for banks’ net interest margins and could indicate concerns for economic growth, which is also not great for banks.

All in all, Friday’s rebound from intraday lows now seems like a blip. The major indexes have sold off hard from the Jan. 12 intraday highs, and more broadly since Jan. 3. The Nasdaq has been trending lower in volatile fashion since before Thanksgiving.

IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today

What To Do Now

The stock market continues to deteriorate. Tech and small-cap stocks led the declines, as usual. But there were few safe havens in Tuesday’s sell-off — except cash.

Could the market bounce on Wednesday? Sure, the market has had plenty of bounces, some lasting a few days, over the past few weeks. But they haven’t lasted.

Investors should wait for clear-cut evidence of a sustained uptrend. You need to preserve your capital — and your mental capital.

Relative strength remains paramount, as well as stocks finding key support, such as Apple stock and Builders FirstSource. Keep in mind that many stocks that had held up well have started to break down. So keep your lists up to date.

Patience is key. Don’t jump the gun, but don’t walk away. Stay engaged so you’re ready to take advantage of the next bullish market move. That could come in a few days or a few weeks or months.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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