Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, March 3rd, and I'm your host, Kim Khan.

Our top story so far, the dip buyers and the froth fighters are trading blows on Wall Street today.

Stock sank at the opening bell on a global tech sell-off sparked by a 7% plunge in South Korea's

Cosby, driven by double-digit declines in Samsung and S.K. Hynix.

The sell-off deepened and the Dow Jones shed 1,200 points at one point,

on pace for its worst drop since Liberation Day, while the S&P 500 hit its lowest level in 2026.

Treasury yields shot higher, with the 10-year topping 4.1%, the VIX, also known as the fear

gauge, hit a three-month high, and gold and silver sank.

That move in medals looked counterintuitive, gold usually gets a safe haven bid.

The former J.P. Morgan strategist Marco Kalanovich has pointed out that the silver

ETF, SLV, along with the South Korea Equity ETF, EWY, has been acting more like a meme

stock lately. But the bears couldn't keep up the momentum. Stocks caught a bid about an hour into

trading. At the time of recording, the major averages are down less than one and a half percent

at their highs of the day.

A couple of assets, though, are trading with more conviction. The greenback keeps catching a

bid, hitting its highest level since mid-January, and on pace for its strongest two-day

rally in about a year. The dollar index moved back above its 200-day moving average.

And oil prices are going parabolic, with Brent and WTI up another 7%.

Iraq is cut production by nearly 1.5 million barrels per day, and that could rise to 3 million

if disruptions at the Strait of Hormuz continue. Robert Brooks, senior fellow at the Brookings

institution, says there's a weird tendency in markets to downplay unexpected shocks when they happen.

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