Nasdaq 100 Marks Fifth Consecutive Negative Session In Worst Tech Stock Downturn In Nearly 14 Months
Portfolio Pulse from Piero Cingari
The Nasdaq 100 index has recorded its fifth consecutive negative session, the worst downturn for U.S. tech stocks in nearly 14 months since December 28, 2023. The index has lost 4.1% over this period. The decline is led by the 'Magnificent Seven' tech giants, which have lost an average of 4% in the last five sessions, contributing to a market value loss of $456 billion. The Invesco QQQ Trust's top 10 laggards of the last week include MongoDB, ON Semiconductor, NXP Semiconductors, GLOBALFOUNDRIES, Walgreens Boots Alliance, Advanced Micro Devices, Applied Materials, Datadog, Microchip Technology, and Atlassian Corporation.
January 04, 2024 | 10:06 pm
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NEGATIVE IMPACT
Apple Inc. has experienced a 5.97% price drop over the last five days, contributing significantly to the Nasdaq 100's downturn.
As one of the 'Magnificent Seven', Apple's significant market cap loss and price drop are directly tied to the Nasdaq 100's performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 90
NEGATIVE IMPACT
Amazon Inc. has seen a 5.72% decrease in its stock price, contributing to the Nasdaq 100's recent losses.
Amazon's stock performance is a major factor in the Nasdaq 100's downturn, given its weight in the index.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 90
NEGATIVE IMPACT
Alphabet Inc. (GOOG) has experienced a 2.26% decline in stock price, affecting the Nasdaq 100's recent trajectory.
Alphabet's stock decline is significant for the Nasdaq 100's performance due to its size and impact on the index.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Alphabet Inc. (GOOGL) mirrors its counterpart GOOG with a 2.26% price drop, contributing to the Nasdaq 100's losses.
As with GOOG, GOOGL's decline is impactful for the Nasdaq 100 due to Alphabet's significant market presence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Meta Platforms Inc. has lost 3.09% in market value, impacting the Nasdaq 100's overall performance.
Meta's stock decline is relevant to the Nasdaq 100's performance, given its status as a major tech company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Microsoft Corp. has lost 1.96% in market value over the past five days, impacting the overall Nasdaq 100 index.
Microsoft's smaller percentage loss still affects the Nasdaq 100 due to its large market cap and index presence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
NVIDIA Corp. has seen a 3.08% drop in its stock price, contributing to the Nasdaq 100's negative streak.
NVIDIA's stock performance is influential in the Nasdaq 100's downturn due to its role in the tech sector.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The Invesco QQQ Trust, which tracks the Nasdaq 100, is likely to be negatively impacted by the index's downturn.
As an ETF tracking the Nasdaq 100, QQQ's performance is directly correlated with the index's downturn.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Tesla, Inc. has seen a significant 6.02% drop in its stock price, influencing the Nasdaq 100's negative performance.
Tesla's notable price change is a key contributor to the Nasdaq 100's decline, given its market influence.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 90