The Nasdaq Topples: Plummeting to 7-Week Lows and Declaring the Worst 2-Day Drop in Almost 2 Years
Witnessing a relentless descent, the Nasdaq 100 index sank to depths not traversed since early June, immersing investors in a sea of distress as volatility reigned supreme. The previous day had set the stage for the current havoc—displaying an unwelcome 3.7% plunge, a reminder of the tumult of October 2022.
Despite glimmers of hope presented by a second-quarter GDP growth rate surpassing expectations and a dip in price pressures, which momentarily uplifted stocks and risk assets, optimism crumbled like a fragile sandcastle. Midday trading in New York manifested a 0.9% rise for the Nasdaq 100, only to be quashed by an afternoon of waning sentiment, as traders cautiously wagered on Fed rate cuts.
Alphabet Inc. faced a debilitating blow as OpenAI debuted new search functionalities to a limited audience, sending Alphabet Inc.’s shares tumbling.
In a series of catastrophic events spanning two days, the Nasdaq 100, embodied by the Invesco QQQ Trust, plummeted by 4.7%, etching the darkest two-day chapter since September 2022.
Visual Representation: Nasdaq 100 Encounters its Gloomiest 2-Day Slide Since September 2022
Thursday’s Most Ailing Nasdaq 100 Denizens
| Name | 1-Day % |
| Lululemon Athletica Inc. | -9.03% |
| Warner Bros. Discovery, Inc. | -5.73% |
| Arm Holdings plc | -5.45% |
| Honeywell International Inc. | -5.26% |
| Advanced Micro Devices, Inc. | -4.36% |
| Booking Holdings Inc. | -3.86% |
| Intuitive Surgical, Inc. | -3.79% |
| ON Semiconductor Corporation | -3.67% |
| DexCom, Inc. | -3.57% |
| QUALCOMM Incorporated | -3.15% |
| Alphabet Inc. | -3.07% |
Thursday’s Resilient Nasdaq 100 Leaders
| Name | 1-Day % |
| Atlassian Corporation | 6.34% |
| Old Dominion Freight Line, Inc. | 5.74% |
| MongoDB, Inc. | 4.83% |
| Gilead Sciences, Inc. | 4.12% |
| O’Reilly Automotive, Inc. | 4.09% |
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