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Nasdaq 100 Falls To 7-Week Lows, Marks Worst 2-Day Drop In Nearly 2 Years As Tech Rout Rages On






Nasdaq 100 Sees Unprecedented Plummet Amid Tech Turmoil

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

Name1-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

Name1-Day %
Atlassian Corporation6.34%
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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