NASDAQ index falls sharply as Google tumbles
The NASDAQ index fell sharply with a decline of -1.32%. Some big names including Alphabet (-5.02%), Microsoft (-3.18%), Amazon (-4.75%), Netflix (-5.82%) all fell sharply. SpaceX (-16.43%) whose IPO debuted last week with a low traded price at $150 above the IPO price of $135, nearly reversed the full move to the upside that saw the stock price reach $225.64 on Tuesday last week. The low price today reached $154 – just above the $150 level.
It wasn’t all negative as the Dow industrial average and the small-cap Russell 2000 saw rotations into their stocks:
- Dow industrial average rose by 147.99 points or 0.29% to 51718.16
- S&P index fell -27.7 I points or -0.37% to 7472.78.
- NASDAQ index fell -351.33 points or -1.32% to 26166.60.
- Russell 2000 rose 24.63 points or 0.83% to 3004.40
Looking at the Dow 30, although the index was up 14 of the 30 stocks were higher while 16 fell.
Top 5 Dow Gainers
- Caterpillar (CAT): +$36.44 (+3.70%)
- Amgen (AMGN): +$7.12 (+2.11%)
- JPMorgan Chase (JPM): +$6.54 (+2.01%)
- 3M (MMM): +$2.65 (+1.65%)
- Cisco Systems (CSCO): +$1.97 (+1.65%)
Bottom 5 Dow Losers
- Amazon (AMZN): -$11.60 (-4.75%)
- Nike (NKE): -$2.00 (-4.42%)
- Microsoft (MSFT): -$12.14 (-3.20%)
- McDonald’s (MCD): -$8.44 (-3.03%)
- Home Depot (HD): -$7.61 (-2.28%)
Some oversize losers today included:
Biggest Losers From Your List
- Roblox (RBLX): -8.22% – The gaming platform was the biggest decliner on your screen as investors continued to rotate away from higher-risk growth names.
- Moderna (MRNA): -7.22% – Giving back recent gains after a strong rally in recent sessions.
- Arm Holdings (ARM): -7.22% – Semiconductor and AI names saw profit-taking as investors questioned lofty valuations.
- Palantir (PLTR): -6.98% – Another high-flying AI beneficiary that faced selling pressure.
- On Holding (ONON): -6.84% – Consumer discretionary stocks weakened as investors became more cautious on growth.
- Teladoc (TDOC): -6.26% – Continues to struggle as investors avoid unprofitable or turnaround stories.
- Chipotle (CMG): -6.00% – Restaurant stocks were under pressure despite generally resilient consumer spending.
- Whirlpool (WHR): -5.92% – Home and appliance-related names weakened amid concerns over higher interest rates.
- Netflix (NFLX): -5.81% and Lululemon (LULU): -5.72% – Two former market leaders that saw notable profit-taking.
- Alphabet (GOOGL): -5.02% – One of the major drags on the Nasdaq today, with concerns surrounding AI spending and company-specific developments leading to a sharp selloff
This article was written by Greg Michalowski at investinglive.com.