Nasdaq edges to a fresh session low as AI trades hit hard

The S&P 500 touched a session low, down 96 points or 1.6%. The Nasdaq is hurting worse, down 2.6%.

Worryingly, some of the highest flyers are being hit hardest today:

• MSFT -5.6%
• NVDA -4.7%
• META -4.6%$
• AMD -3% (after a 10% decline yesterday)
• SOXX semiconductor ETF -4.4%
• TSLA -2.6%
• GOOG -1.7% and has nearly closed yesterday’s earnings gap up

There are some bright spots out there but it’s not a great look for the Nasdaq chart. The question is: Are we looking at election angst or a retracement in the AI trade?

Earnings from Apple, Amazon and Intel are due after the bell.

This article was written by Adam Button at www.forexlive.com.