As the Nasdaq-100 (NDX) reels from a substantial sell-off, Kevin Davitt of Nasdaq says Thursday's session is the first since April 2025 where the index sold off 5% or more. He compares the price action to the start of the U.S.-Iran war and July's tech-led weakness to explain how the Nasdaq is experiencing a usual "peak-to-trough" move. Kevin says the next couple of weeks will be telling, pointing to Nvidia (NVDA) earnings as the biggest expected catalyst. He then compares the S&P 500 (SPX) equal weight to the PHLX Semiconductor Index (SOX).