Intel Stock Selloff Deepens as Nasdaq Falls, Google Drops 20% on Chrome Sell Order
Today the shares of most Big tech companies ended higher, but Google (Alphabet) shares and Intel stock continued to decline.
Major US stock indices ended the session in negative territory, as market volatility continued. Fluctuating Canadian tariffs and geopolitical developments in Ukraine created uncertainty, leading to choppy price action throughout the day. Although stocks briefly turned positive in the final hours of trading, gains were unsustainable, and markets ultimately closed lower.
The Nasdaq Composite declined -32.23 points (-0.18%), marking the smallest loss among major benchmarks. The S&P 500 and Dow Jones recorded deeper declines, weighed down by weakness in Google (GOOGL) and Intel (INTC). However, most major tech stocks rebounded, limiting losses in the Nasdaq after yesterday’s broader selloff.
Alphabet (GOOG) Stock Extends Losses Amid DOJ Scrutiny
Google’s stock remained under pressure, closing the day down 2% at $171.37 after hitting an intraday low. Earlier in the week, GOOGL tested its 200-day SMA at $161, briefly rebounding but still ending 1.10% lower.
In late February, Google broke below its 100-day moving average at $174, which has since turned into resistance. Selling pressure intensified after the US Department of Justice (DOJ) withdrew part of its antitrust case against Google on March 7 but maintained its push for the company to divest its Chrome browser which could further weigh on Google’s stock since it would loos a big chunk of soft power it has.
Intel Stock Plunges Below $20, Reversing February Gains
Intel’s stock saw a sharp reversal after experiencing a 40% rally in February, fueled by speculation that Taiwan Semiconductor Manufacturing Co. (TSMC) was considering an acquisition. As the rumors faded, sentiment quickly turned negative, leading to a steep sell-off in recent weeks.
This month, investor disappointment and broader market weakness accelerated the decline, pushing Intel’s stock below $20 for the first time since January. INTC dropped to $19.21 intraday before recovering slightly to close at $19.81, down 0.75%.
Conclusion: Uncertainty Keeps Markets on Edge
While tech stocks showed mixed performance, the broader market remains under pressure amid regulatory concerns and shifting investor sentiment. With ongoing volatility, investors will be watching economic data, geopolitical developments, and regulatory decisions for clues on market direction.
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