Stocks tumble but does bounce modestly into the close

The NASDAQ index tumbled by 4.0% in trading today. That was it largest one-day decline since September 2022. Intraday, the price traded down -904 points at session lows before balancing over the last hour of trading to a decline of -727.90 points or -4.0% at 17468.32. The closing level came in at 17291.82.

The S&P index is closing down -155.64 points or -2.70% at 5614.56. It felt -206.10 point at session lows. The decline today was it’s worse for the year and worst since December 18 when the index fell -2.95%. The index close below its 200 day moving average for the first time since October 31, 2023

The Dow industrial average fell -890.01 points or -2.08% at 41911.71. The fall did take the price below its 200 day moving average for the first time since November 2023 at 41922.19. It is the first close below the moving average since November 1, 2022.

Looking at the Magnificent 7, Tesla, Nvidia, Apple, Google and Meta underperformed the Nasdaq index.

• TSLA: -15.43%
• NVIDIA (NVDA): -5.07%
• Apple (AAPL): -4.85%
• Google (GOOGL): -4.60%
• Meta (META): -4.42%
• Amazon (AMZN): -3.36%
• Microsoft (MSFT): -3.34%

Some other big losers today:

• Robinhood Markets -19.79%
• MicroStrategy -16.68%
• Tesla -15.43%
• Trump Media & Technology Group -11.47%
• Palantir -10.05%
• Bitcoin Futures -9.57%
• Grayscale Bitcoin (BTC) -9.25%
• Block -8.77%
• ARK Innovation -8.75%
• CrowdStrike Holdings -7.39%

This article was written by Greg Michalowski at www.forexlive.com.