Big Tech Woes Drive Nasdaq 100's Worst Session In 2023, Now Approaching Correction Territory
Portfolio Pulse from Piero Cingari
The Nasdaq 100 Index experienced its worst session of 2023, losing 2.5% in a day and nearing correction territory with a 9.8% drop since its annual peak. This was driven by significant contributors including Alphabet, Amazon, Nvidia, and Meta Platforms. The equally weighted index, tracked by the Direxion Nasdaq 100-Equal Weighted Index Shares, also declined by 2.3%. The S&P 500 index, tracked by the SPDR S&P 500 ETF Trust, has already broken below its threshold, indicating broader market challenges.
October 25, 2023 | 9:24 pm
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NEGATIVE IMPACT
Amazon's stock fell by 9.6%, negatively impacting the Nasdaq.
Amazon's significant stock decline has directly impacted the Nasdaq's performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Alphabet's stock declined by 9.5%, contributing to the Nasdaq's downfall.
Alphabet's significant stock decline has directly impacted the Nasdaq's performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Meta Platforms' stock fell by 4.1%, negatively impacting the Nasdaq.
Meta Platforms' stock decline has directly impacted the Nasdaq's performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Nvidia's stock dropped by 4.3%, contributing to the Nasdaq's decline.
Nvidia's stock decline has directly impacted the Nasdaq's performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
The Invesco QQQ Trust was negatively impacted by the decline in tech sector giants.
The Invesco QQQ Trust, which holds the tech sector giants, was directly impacted by their decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The Direxion Nasdaq 100-Equal Weighted Index Shares declined by 2.3%.
The Direxion Nasdaq 100-Equal Weighted Index Shares, which tracks the equally weighted index, was directly impacted by the market downturn.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust has already broken below its threshold, indicating broader market challenges.
The SPDR S&P 500 ETF Trust, which tracks the S&P 500 index, has already broken below its threshold, indicating broader market challenges.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100