The Nasdaq Suffers Historic Tech Stock Tumble
The Nasdaq 100 index has just concluded its fifth consecutive session in the red, signifying the most substantial negative streak for U.S. tech stocks in almost 14 months. This downturn commenced after reaching all-time highs on Dec. 28, 2023, at 16,696, but eventually closed down 0.05%. Since then, the index has experienced only negative closures, culminating in Thursday’s session. Notably, the Nasdaq 100 has relinquished 4.1% over the course of these five consecutive sessions. The last time such a negative streak occurred was between Oct. 5 and 12, 2022, when the Nasdaq 100 underwent seven consecutive red sessions.
Magnificent Seven Turned Sour
The primary actors responsible for the Nasdaq 100’s negative streak are the shares of the “Magnificent Seven”: Apple Inc., Microsoft Corp., Alphabet Inc., Amazon Inc, Meta Platforms Inc., NVIDIA Corp., and Tesla, Inc. These seven stocks, accounting for nearly 35% of the Nasdaq index, have collectively lost an average of 4% in the last five sessions. Notably, Tesla, Apple, and Amazon have each encountered nearly a 6% drop. Overall, the market value lost by the Magnificent Seven in the past week tallies to $456 billion.
Market Cap and Loss Analysis
Market Cap, Loss Analysis Of Key Tech Stocks (Last 5 Days)
| Company | Market Cap | Market Cap Loss (5-day) | Price Change % (5D) |
|---|---|---|---|
| Apple Inc. | $2,830.91 B | $-169.05 B | -5.97% |
| Amazon.com, Inc. | $1,494.40 B | $-85.45 B | -5.72% |
| Microsoft Corporation | $2,734.63 B | $-53.49 B | -1.96% |
| Tesla, Inc | $756.39 B | $-45.53 B | -6.02% |
| Alphabet Inc. | $1,718.71 B | $-38.81 B | -2.26% |
| NVIDIA Corporation | $1,185.58 B | $-36.46 B | -3.08% |
| Meta Platforms, Inc. | $892.36 B | $-27.59 B | -3.09% |
Nasdaq 100: Top 10 Laggards Of Last Week
Here are the 10 worst-performing stocks of the Invesco QQQ Trust in the last five days:
| Company | Price Change % (5D) |
|---|---|
| MongoDB, Inc. | -13.11% |
| ON Semiconductor Corporation | -10.34% |
| NXP Semiconductors N.V. | -10.09% |
| GLOBALFOUNDRIES Inc. | -9.23% |
| Walgreens Boots Alliance, Inc. | -8.80% |
| Advanced Micro Devices, Inc. | -8.55% |
| Applied Materials, Inc. | -8.45% |
| Datadog, Inc. | -8.29% |
| Microchip Technology Incorporated | -8.20% |
| Atlassian Corporation | -7.62% |
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