NASDAQ index erases its gains

The NASDAQ index was up 245.13 points at its session highs this morning, and moved to down -10.47 points.

It is currently trading up 32 points or 0.18% at 18115.90.

Helping to contribute to the declines was a report from the Wall Street Journal that Super Microcomputers was under investigation for accounting irregularities:

• Super Micro Computer (SMCI) is being investigated by the Justice Department following a report by Hindenburg Research.

• The probe is in its early stages and focuses on accounting violations allegedly connected to a former employee.

• The former employee, Bob Luong, filed a whistleblower lawsuit against Super Micro and its CEO.

• Super Micro paid $17.5 million to settle SEC claims of accounting violations in 2020.

• The company has yet to file its fiscal 2024 annual report with the SEC.

• CEO Charles Liang denied the short-seller report’s accuracy.

Shares of SMCI are trading down $50 or -10.77% at $408.

The Dow industrial average is still up 200 points or 0.48%. The S&P index is up 17.51 points or 0.3%

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