Google, NVDA and AMD Stock Lead the Decline in Nasdaq As Big Tech Tumbles
Today the Tesla stock ended 10% lower, however, Google, NVDA and AMD stock prices were not too far behind, as big tech tumbled.
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The Dow Jones Industrial Average and S&P 500 managed to recover and close above crucial technical levels, but earlier in the session, all three major U.S. stock indices dipped below their 100-day moving averages. Market uncertainty and selling pressure, particularly in tech stocks, contributed to the volatility.
AMD Faces Prolonged Downtrend
Advanced Micro Devices (AMD) peaked at $227 in March 2024 but has been in a steady decline since its bearish reversal. The stock remains under selling pressure, with the 20-day SMA consistently acting as resistance. This downward trajectory highlights the difficulty in regaining momentum despite brief recovery attempts.
Nvidia Slips Ahead of Earnings
Nvidia (NVDA) recorded its third consecutive daily decline ahead of its much-anticipated earnings announcement tomorrow. The stock opened with a bearish gap and fell $4.02 (-3%) to close at $127.82. While some losses were recovered intraday, sentiment remains cautious. Last week’s rebound from $106 was cut short by resistance at the 20-day SMA, and today’s further decline pushed NVDA below last week’s low, signaling persistent downward pressure.
Google and Meta Extend Losing Streaks
Google (GOOGL) started the day on a bearish note, extending its 2.8% decline and closing nearly $5 lower, settling above $175. The stock briefly tested its 100-day moving average at $174 before bouncing slightly at the close. Meanwhile, Meta (META) has now posted six consecutive days of losses, reversing from a 20-day winning streak, further underscoring weakness in the broader tech sector.
Closing Levels for Major U.S. Stock Indices – Market Performance Overview
Dow Jones Industrial Average (DJIA):
- Closed up 159.95 points (+0.37%) at 43,621.17
- One of the few indices to register gains, reflecting relative strength in blue-chip stocks
S&P 500 Index:
- Finished down 28.0 points (-0.47%) at 5,955.25
- Market-wide pressure dragged the index lower, with tech stocks weighing on overall performance
NASDAQ Composite:
- Declined 260.54 points (-1.35%) to close at 19,026.39
- Continued weakness in high-growth technology stocks led the sharpest losses among major indices
Russell 2000 (Small-Cap Stocks):
- Dropped 8.18 points (-0.38%) to 2,170.08
- Notably, this marks the third consecutive close below its 200-day moving average (2,203.04), signaling potential downside risk for small-cap equities
Market Sentiment and Trends:
- The Dow Jones managed to stay in positive territory, benefiting from investor preference for defensive, large-cap stocks.
- The S&P 500 and NASDAQ struggled, reflecting ongoing selling pressure in tech and high-growth sectors.
- Small-cap stocks, as represented by the Russell 2000, showed continued weakness, reinforcing concerns about risk appetite and broader market conditions.
While the Dow showed resilience, the broader market—especially tech-heavy indices like the NASDAQ—continued to struggle under selling pressure. The Russell 2000’s failure to reclaim its 200-day moving average for the third straight session suggests caution in the small-cap space. Investors are watching for further signals, including economic data and corporate earnings, to determine the market’s next direction.
Nasdaq Live Chart
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