The major U.S. stock indices have erased much of their earlier gains, with the S&P 500 now slipping into negative territory as late-session selling accelerates. Earlier in the day, optimism pushed all three major averages sharply higher, but that enthusiasm has faded as investors take profits and selling broadens.
The S&P 500, which was up as much as 55.53 points at its session high, is now down 14 points (-0.19%). The NASDAQ Composite, after rallying 295.36 points at its peak, has nearly erased the entire advance, with its intraday low showing a gain of just 1.75 points before a modest bounce. Meanwhile, the Dow Jones Industrial Average has experienced an even more dramatic reversal, swinging from a gain of 266 points to a loss of as much as 364 points before trimming some of those declines.
The sharp reversal highlights a shift in sentiment as buyers who drove the morning rally have stepped aside, allowing sellers to regain control into the close. Below are some of the day’s biggest losers:
- Whirlpool fell $1.76 or -4.60% to $36.48
- Chipotle Mexican Grill fell $1.33 or -3.85% to $33.12
- ARK Genomic Revolution fell $1.45 or -3.62% to $38.42
- First Solar fell $7.30 or -3.44% to $204.69
- Oracle fell $4.12 or -3.26% to $122.29
- Albemarle fell $3.82 or -3.16% to $116.96
- Dell Technologies fell $12.39 or -3.12% to $383.95
- Worthington Industries fell $1.58 or -2.83% to $54.19
- Tesla fell $10.82 or -2.84% to $370.02
- Moderna fell $1.74 or -2.82% to $60.08
- Alcoa fell $1.22 or -2.77% to $42.76
- Emerson fell $3.84 or -2.75% to $135.70
- Deere & Company fell $14.38 or -2.41% to $582.86
- Biogen fell $4.87 or -2.37% to $201.12
- Shake Shack fell $1.33 or -2.29% to $56.67
- Eli Lilly fell $26.47 or -2.24% to $1,152.64
- Merck & Co. fell $2.81 or -2.21% to $124.68
- Invesco Solar ETF fell $1.18 or -2.19% to $52.72
- Netflix fell $1.49 or -2.15% to $67.46
- Morgan Stanley fell $4.58 or -2.13% to $210.92
- Boeing fell $4.49 or -2.10% to $209.54
- Lennar fell $1.68 or -2.00% to $82.21
Some of the chips and AI related names are still positive on the day but off their session highs:
- Lumentum Holdings rose $39.88 or 5.44% to $772.70
- Credo Technology Group rose $10.06 or 4.96% to $212.74
- Coherent rose $9.64 or 3.47% to $287.25
- Marvell Technology rose $6.50 or 3.44% to $195.18
- Intel rose $2.64 or 2.78% to $97.69
- Advanced Micro Devices (AMD) rose $12.60 or 2.54% to $508.36
- Sandisk rose $32.03 or 2.36% to $1,386.85
- Nebius Group rose $4.19 or 2.36% to $181.90
- Monolithic Power Systems rose $25.03 or 1.91% to $1,337.03
- Broadcom rose $7.53 or 2.03% to $378.36
The markets cannot keep the momentum going to the upside. Also there seems to be more of a rotation every day. If some sector are doing well, it’s at the expense of other sectors which do just as poorly if not worse.
This article was written by Greg Michalowski at investinglive.com.
