Decline in US Stocks Continues, Tech Giants Witness Major Losses

Sellers continued in the US stocks at the start of the day, especially in the Nasdaq and S&P indices.

Each of them continued what was started yesterday when both had their worst trading day since the end of 2022. For the S&P it fell -36.17 points before bottoming. For the Nasdaq it tumbled -308.45 points a day after falling -655 points. That’s like close to -1000 points.

Then things turned around with the S&P moving to +64 points at the high for the day. The Nasdaq moved to up 202.05 points at session highs (a 500+ point turnaround)..

However, the gains were not meant to be and both are closing the day down on the day. The Dow and the small-cap Russell 2000 indices bounced higher as the flow of funds come out of tech and into the underperforming sector..

The final numbers for the indices are showing:

• Dow Industrial Average average plus 81.20 points or 0.20 percent at 39935.08
• S&P index fell -27.89 points or -0.81% at 5399.23
• NASDAQ index tumbled -160.69 points or -0.93% at 17181.72

The small-cap Russell 2000 rose 27.60 points or 1.26% at 2222.98.

Looking at the Magnificent 7:

• Meta Platforms -1.70%
• Amazon, -0.54%.
• Nvidia -1.72%
• Alphabet -3.10%
• Apple -0.48%
• Microsoft -2.45%
• Tesla bucked the trend and rose 1.97%

Some other big losers today included car companies (Ford GM and Stallantis) and some medical companies including Boston Scientific, Stryker, and Intuitive Surgical:

• Ford Motor (F): -18.36%
• Stellantis NV (STLA): -7.70%
• Western Digital (WDC): -7.67%
• General Motors (GM): -5.08%
• Boston Scientific (BSX): -4.50%
• AMD (AMD): -4.39%
• Stryker (SYK): -3.81%
• Intuitive Surgical (ISRG): -3.81%
• Qualcomm (QCOM): -3.16%

This article was written by Greg Michalowski at www.forexlive.com.