Major stock indices are closing lower after hopes for a rebound after Nvidia's earnings, turns into a rout to the downside by the close.
- The NASDAQ index was up 583.10 point at session highs. It is closing down -486.18 points or -2.15%
- The S&P index was up 128.19 points at session highs. It is closing down -103.19 points or -1.55%
- The Dow industrial average was up 717.98 points at session highs. It is closing down -386.33 points or -0.84%
Nvidia shares rose sharply at the open after earnings beat expectations after the close yesterday, pushing that bellwether stock up $9.48 at session highs. That was good for a gain of over 5%. However, when buyers reversed back below the key hourly moving averages, selling intensified. The price of Nvidia is closing at $180.98, down $-5.54 or -2.97%. The closing price is just above the 100 day moving average at $180.08. The high price for the day reached $196 at session highs.
Other big losers today included:
Nebius NV: -11.01%
Micron (MU): -10.87%
Robinhood Markets (HOOD): -10.11%
Western Digital (WDC): -8.92%
AMD: -7.84%
Moderna (MRNA): -7.53%
Palo Alto Networks (PANW): -7.47%
DoorDash (DASH): -7.21%
Uber (UBER): -6.88%
SoFi (SOFI): -6.77%
Oracle (ORCL): -6.59%
Super Micro Computer (SMCI): -6.34%
Lam Research (LRCX): -6.18%
Roblox (RBLX): -5.82%
Palantir (PLTR): -5.81%
ASML ADR: -5.57%
MicroStrategy (MSTR): -5.02%
Stellantis (STLA): -4.85%
Celsius (CELH): -4.83%
Corning (GLW): -4.64%
Intel (INTC): -4.24%
The risk asset Bitcoin also continued to move lower. It fell to $86538, it's lowest level since April.
Snatching defeat from the jaws of victory is always ugly. Today was an ugly day for stock investors.
