The broader stock indices did not fare well today with the NASDAQ index the worst performer falling by -1.15%. The S&P index fell by -0.57% but the Dow industrial average gained 0.64%.
The Dow 30 gainers were help by
- J.P. Morgan +3.72%,
- Visa +2.89%,
- Home Depot, +2.20%
- 3M +2.17%
- American Express, +1.65%
- P&G, +1.39%
The NASDAQ closed right at its 100-hour moving average at 26,378.09, settling at 26,376.34. The index now sits between that moving average and the rising 200-hour moving average below at 26,302.11. If buyers are to remain in control, they will want to defend the 200-hour moving average on any further downside probe. A break below that level would shift the technical bias back toward the sellers.
The technology sector took it on the chin, with semiconductors and AI-related names leading the decline:
- Marvell (MRVL) fell -9.92%, making it the biggest loser on the list.
- Intel (INTC) slid -8.45%, giving back 10.81 points and closing at 117.05.
- AMD (AMD) declined -7.30%, losing nearly 40 points to finish at 507.30.
- Ciena (CIEN) dropped -7.16%, reflecting weakness in networking and communications infrastructure stocks.
- Strategy (MSTR) fell -6.35%, pressured as risk assets came under selling pressure.
- Micron (MU) lost -6.22%, shedding 67.68 points to close at 1,020.31 amid broad semiconductor weakness.
Other notable decliners included:
- Corning (GLW): -5.55%
- SanDisk (SNDK): -5.52%
- Super Micro Computer (SMCI): -5.28%
- Lam Research (LRCX): -5.05%
- ASML (ASML): -4.69%
- Broadcom (AVGO): -4.43%
Theme of the day: The biggest losses were concentrated in the semiconductor, AI, and technology infrastructure sectors, suggesting traders were taking profits and reducing exposure to some of the market’s strongest-performing growth names.
This article was written by Greg Michalowski at investinglive.com.
