Tech Giants take a tumble as NASDAQ stocks plummet

<p>The US stocks continue to retreat with the NASDAQ index leading the way. The NASDAQ index is leading the way this year with a oversize gain of 34.52%. That comes after a -33.1% decline last year.</p><p>The NASDAQ index is currently down -243 points or -1.68% at 14065.</p><p>Technically there are some negative technicals that sellers can lean against (build a bearish/corrective storyline). </p><ol><li>The high price from last week reached 14423.22. That fell just short of the 2023 high of 14446.55. </li><li>The high close for the year was reached back in July at 14358.02. Although the price moved above that level last week, it could not close above and make a new high for 2023</li><li>There is a gap down to 13802 up to 14003.14 (see yellow area on the chart above). Markets like to fill gaps and that certainly is sticking out.</li></ol><p>Fundamentally, the factory orders data came in weaker than expectations (and so did durable goods orders). One can argue that that may lead to a softer fed, but also softer earnings as the economy does indeed slow and does not have the soft landing but more of a bumpy landing. We are seeing housing data come in weaker which may also be a negative for consumer spending as people feel less wealthy.</p><p>The magnificent 7 are getting hit:</p><ul><li>Nvidia is down -3.44%</li><li>Meta is down -2.54%</li><li>Apple is down -1.78%</li><li>Alphabet is down -2.76%</li><li>Microsoft is a down -2.99%</li><li>Amazon is down -2.52%</li><li>Tesla is down -1.72%</li></ul><p>Looking at the other indices:</p><ul><li>Dow industrial average is down -178 points or -0.49% at 36069.09</li><li>S&amp;P index is down -45.50 points or -0.99% at 4549.00</li></ul><p>Russell 2000 is bucking the trend with a gain of 6.22 points or 0.33% at 1868.75 as traders rotate out of NASDAQ stocks in 2023 is up 6.03% in 2023. The Dow industrial average is up 8.84% while the S&amp;P index is up 18.43%.</p>

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