Nasdaq Suffers Second Straight Week of Losses, Breaks Key Support Level As Tech Bears Return: Is This Time Different?
Portfolio Pulse from Piero Cingari
The Nasdaq 100 Index has experienced a second consecutive week of losses, falling by nearly 5% over the past two weeks. This is the first time such a drop has been seen since December 2022. The index, which is closely followed by Invesco QQQ Trust ETF (NASDAQ:QQQ), is now trading at 27 times its anticipated earnings for the upcoming year. The worst-performing stocks in the Nasdaq 100 since the beginning of August have been Datadog, Inc. (NASDAQ:DDOG) and Fortinet Inc. (NASDAQ:FTNT), both down 23% month to date, followed by PayPal Holdings Inc. (NASDAQ:PYPL), down 19%. The highest gains have been recorded by Amgen Inc. (NASDAQ:AMGN), up 12%, and Constellation Energy Corp. (NASDAQ:CEG) which has risen by 10%.
August 11, 2023 | 8:01 pm
News sentiment analysis
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NEGATIVE IMPACT
Datadog, Inc. has been one of the worst-performing stocks in the Nasdaq 100 since the beginning of August, down 23% month to date.
The company's stock has significantly underperformed in the recent weeks, which could continue to negatively impact its short-term performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Fortinet Inc. has been one of the worst-performing stocks in the Nasdaq 100 since the beginning of August, down 23% month to date.
The company's stock has significantly underperformed in the recent weeks, which could continue to negatively impact its short-term performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
PayPal Holdings Inc. is down 19% since the beginning of August.
The company's stock has underperformed in the recent weeks, which could continue to negatively impact its short-term performance.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
Invesco QQQ Trust ETF, which closely follows the Nasdaq 100 Index, may be impacted by the index's recent downturn.
As the ETF closely follows the Nasdaq 100 Index, the recent downturn in the index could negatively impact the ETF's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Amgen Inc. has recorded the highest gains in the Nasdaq 100 since the beginning of August, up 12%.
The company's stock has significantly outperformed in the recent weeks, which could continue to positively impact its short-term performance.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Constellation Energy Corp. has risen by 10% since the beginning of August.
The company's stock has outperformed in the recent weeks, which could continue to positively impact its short-term performance.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100