Nasdaq Crash Signals More Losses, Apple Stock Holds Key Support Despite 5% Fall
Today was the worst days in Nasdaq index since August, falling 4%, while Apple stock slipped 5%, but at least it found support and might put up a rebound in the coming days.
Nasdaq Plunges, Tech Stocks Under Heavy Selling Pressure
The Nasdaq Index tumbled over 5% at one point before staging a late-session rebound, marking one of its worst declines since 2022, while the S&P 500 is down by around 3% as stock market crashed today. The tech-heavy index is now down more than 12% from its February peak of 22,200 points and has broken below the critical 200-day SMA (purple). This breach opens the door for further downside, especially if sentiment remains weak.
Market Jitters Over Tariffs and Recession Concerns
- Donald Trump’s recent tariff remarks and his acceptance of a potential recession have further weighed on investor sentiment.
- Additional political uncertainty looms, including a potential budget battle in Congress and the future of tax cuts, adding to market instability.
- As a result, broader risk-off sentiment has driven heavy selling across major cap tech stocks.
Tech Sector Selloff – Apple Stock Finds Support Amid Market Rout
- The tech sector saw the largest losses, particularly in AI-related and high-growth stocks.
- Tesla led the declines, plummeting 11%, while Apple dropped 5% as part of a widespread selloff among seven major companies.
- Apple’s stock had been in an uptrend for most of 2024, peaking at $260 in mid-December before turning lower.
- The stock found support at the 100-day SMA (red) around $224, bouncing off this level today despite renewed selling pressure.
- If market sentiment stabilizes, Apple could see another rebound from this key technical level in the days ahead.
Conclusion & Outlook
The Nasdaq’s breakdown below the 200-day SMA signals the potential for further losses, especially if macroeconomic uncertainty persists. Tech stocks remain under pressure, with AI-driven companies and big-cap names like Apple and Tesla bearing the brunt of the selloff. However, Apple’s ability to hold above the 100-day SMA suggests that buyers are stepping in at key support levels. If market fears ease, we could see a relief bounce, but the broader trend remains fragile for now.
Nasdaq Live Chart
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