Nasdaq 100 Falls 1%, Tests 50-Day Average Support: Tech Stocks In Flux On Monday
Portfolio Pulse from Piero Cingari
The Nasdaq 100 fell by 1% on Monday, influenced by declines in semiconductor stocks and a sharp drop in PDD Holdings. The Invesco QQQ Trust and iShares Semiconductor ETF were impacted, with semiconductor stocks dropping 2.5% ahead of Nvidia's earnings report. PDD Holdings' disappointing earnings led to a 28.5% drop, significantly affecting the index.
August 26, 2024 | 8:32 pm
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NEGATIVE IMPACT
Broadcom's stock fell 4.03%, contributing to the Nasdaq 100's decline.
Broadcom's stock decline contributed to the overall negative performance of the Nasdaq 100.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
Microsoft's stock fell 1.3%, slightly impacting the Nasdaq 100.
Microsoft's stock decline was a minor factor in the Nasdaq 100's overall performance.
CONFIDENCE 65
IMPORTANCE 20
RELEVANCE 30
NEGATIVE IMPACT
Nvidia's stock fell 2.26% as investors took a cautious stance ahead of its earnings report.
Investors are cautious ahead of Nvidia's earnings, leading to a 2.26% drop in its stock, affecting the semiconductor sector.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
PDD Holdings plummeted 28.5% due to disappointing earnings, significantly impacting the Nasdaq 100.
PDD's significant earnings miss led to a 28.5% drop, heavily impacting its stock price and contributing to the Nasdaq 100's decline.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The Invesco QQQ Trust fell as the Nasdaq 100 dropped 1%, influenced by semiconductor stocks and PDD Holdings' performance.
The QQQ tracks the Nasdaq 100, which fell due to semiconductor stocks and PDD Holdings' poor performance. This directly impacts QQQ's value.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The iShares Semiconductor ETF dropped 2.5% as semiconductor stocks fell ahead of Nvidia's earnings report.
SOXX tracks semiconductor stocks, which fell 2.5% due to cautious investor sentiment ahead of Nvidia's earnings, impacting SOXX negatively.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Tesla's stock fell 3.22%, adding to the Nasdaq 100's negative performance.
Tesla's stock decline was part of the broader negative trend in the Nasdaq 100.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 40