Nasdaq index plummets, Magnificent 7 suffers. Tesla bucks the down trend

Traders are anxious to sell their big winners from 2023. The so-called Magnificent 7 are showing sharp declines with the exception of Tesla which is up 0.19% after reporting better-than-expected sales figures earlier this morning:

A summary of the Magnificent 7 is showing:

  • NVIDIA (NVDA): Last price was $477.69, with a decrease of $17.53 or -3.54%.
  • Meta Platforms (META): Last price was $340.56, with a decline of $13.40 or -3.79%.
  • Apple Inc. (AAPL): Last price was $185.32, dropping by $7.25 or -3.76%.
  • Alphabet Inc. (GOOGL): Last price was $136.63, with a reduction of $3.06 or -2.19%.
  • Microsoft (MSFT): Last price was $367.25, falling by $8.79 or -2.34%.
  • Amazon (AMZN): Last price was $148.52, decreasing by $3.37 or -2.22%.
  • Tesla (TS LA): Unlike others, Tesla’s stock increased slightly to $248.95, up by $0.47 or 0.19%.

The Nasdaq index is currently down 1.84% or -275.39 points at 14735.01. Looking at the hourly chart below, the price fell below its 100 hour moving average at 14866.72 soon after the open, and has reached a low of 14723.75. The 200-hour moving average is currently at 14556.06 and rising andt would be the next target on more downside momentum. The last time the price traded below both its 100 and 200 day moving average was back on November 1 (see blue and green lines on the chart below) .

Although the Nasdaq index is lower, the Dow Industrial Average is trading near unchanged at 37696.38. The S&P index is lower by -0.72% at 4735.63. Recall from last week, the S&P got within around three points of its all-time high close at 4796.57. The high price reached 4793.30 before rotating lower as traders leaned against the resistance target.

This article was written by Greg Michalowski at Source