Nasdaq 100 Falls To 7-Week Lows, Marks Worst 2-Day Drop In Nearly 2 Years As Tech Rout Rages On
Portfolio Pulse from Piero Cingari
The Nasdaq 100 index fell to its lowest level since early June, marking its worst two-day drop since September 2022. Despite positive economic indicators, a sentiment shift led to a decline in tech stocks. Alphabet Inc. (GOOGL) fell due to competition from OpenAI. The Invesco QQQ Trust (QQQ) also saw significant declines.

July 25, 2024 | 9:02 pm
News sentiment analysis
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NEGATIVE IMPACT
Advanced Micro Devices, Inc. (AMD) saw a 4.36% decline, placing it among the worst performers in the Nasdaq 100.
AMD's significant drop is indicative of broader market trends affecting tech stocks.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
Arm Holdings plc (ARM) saw a 5.45% decline, placing it among the worst performers in the Nasdaq 100.
Arm Holdings' significant drop is indicative of broader market trends affecting tech stocks.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
Booking Holdings Inc. (BKNG) fell by 3.86%, making it one of the worst performers among Nasdaq 100 stocks.
Booking Holdings' decline reflects broader market trends and potential company-specific challenges.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
DexCom, Inc. (DXCM) saw a 3.57% decline, placing it among the worst performers in the Nasdaq 100.
DexCom's significant drop is indicative of broader market trends affecting tech stocks.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
Alphabet Inc. (GOOGL) saw a decline as OpenAI introduced new search features, increasing competition in the tech space.
The introduction of new search features by OpenAI poses a direct competitive threat to Alphabet's core business, leading to a decline in its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Honeywell International Inc. (HON) fell by 5.26%, making it one of the worst performers among Nasdaq 100 stocks.
Honeywell's decline reflects broader market trends and potential company-specific challenges.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
Intuitive Surgical, Inc. (ISRG) saw a 3.79% decline, placing it among the worst performers in the Nasdaq 100.
Intuitive Surgical's significant drop is indicative of broader market trends affecting tech stocks.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
Lululemon Athletica Inc. (LULU) was the worst performer among Nasdaq 100 stocks, dropping 9.03% in a single day.
Lululemon's significant drop indicates investor concerns, possibly due to broader market trends or company-specific issues.
CONFIDENCE 85
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
ON Semiconductor Corporation (ON) fell by 3.67%, making it one of the worst performers among Nasdaq 100 stocks.
ON Semiconductor's decline reflects broader market trends and potential company-specific challenges.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
QUALCOMM Incorporated (QCOM) fell by 3.15%, making it one of the worst performers among Nasdaq 100 stocks.
QUALCOMM's decline reflects broader market trends and potential company-specific challenges.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
The Invesco QQQ Trust (QQQ) fell by 4.7% over the last two sessions, marking its worst two-day drop since September 2022.
The overall decline in the Nasdaq 100 index, driven by a sentiment shift and reduced Fed rate cut bets, has significantly impacted the QQQ ETF.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Warner Bros. Discovery, Inc. (WBD) fell by 5.73%, making it one of the worst performers among Nasdaq 100 stocks.
Warner Bros. Discovery's decline reflects broader market trends and potential company-specific challenges.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Gilead Sciences, Inc. (GILD) saw a 4.12% increase, making it one of the best performers in the Nasdaq 100.
Gilead Sciences' significant rise reflects strong investor confidence, possibly due to positive company-specific news or earnings.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
MongoDB, Inc. (MDB) saw a 4.83% increase, making it one of the best performers in the Nasdaq 100.
MongoDB's significant rise reflects strong investor confidence, possibly due to positive company-specific news or earnings.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Old Dominion Freight Line, Inc. (ODFL) saw a 5.74% increase, making it one of the best performers in the Nasdaq 100.
Old Dominion's significant rise reflects strong investor confidence, possibly due to positive company-specific news or earnings.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
O’Reilly Automotive, Inc. (ORLY) saw a 4.09% increase, making it one of the best performers in the Nasdaq 100.
O’Reilly Automotive's significant rise reflects strong investor confidence, possibly due to positive company-specific news or earnings.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Atlassian Corporation (TEAM) was the best performer among Nasdaq 100 stocks, rising 6.34% in a single day.
Atlassian's significant rise indicates strong investor confidence, possibly due to positive company-specific news or earnings.
CONFIDENCE 85
IMPORTANCE 50
RELEVANCE 60