Nvidia Stock Down 15% From Thursday’s Highs
AI companies have been enjoying a nice rally in stock markets, however Nvidia's stock has retreated 15% in three days, which could be a sign
AI companies have been enjoying a nice rally in stock markets, however, Nvidia’s stock fell 2.4% in premarket trading on Wednesday, extending losses from the previous two days. Closing at $118, Nvidia has declined more than 3% only during the US trading today.
This follows a reversal from an all-time high last Thursday and further losses on Friday, amid generally flat market conditions. Nvidia, a key driver of the post-GPT bull market, has now dropped more than 15% in three trading days. This consistent decline suggests that Nvidia’s shares may be losing some of the momentum they gained in the first half of 2024.
Closing North America Stock Market Market Changes
- S&P 500: Declined by 0.25%, reflecting a modest pullback in the broader market.
- DJIA: Rose by 0.7%, indicating a strong performance by blue-chip stocks.
- Nasdaq: Dropped by 1.1%, driven by declines in technology and growth stocks.
- Russell 2000: Increased by 0.7%, showing resilience in small-cap stocks.
- Toronto TSX Comp: Surged by 1.3%, highlighting a strong performance in the Canadian market.
Nvidia Chart Daily – The 20 SMA Has Been Broken
Despite this recent slump, Nvidia’s stock has still surged over 150% since the beginning of this year. Investors are now questioning the stock’s next move. If we examine the latest leg of Nvidia’s advance, the minimum objective could be around $105, with a potential further drop to $100. This would be the best-case scenario if the stock’s downward trend continues. There are broader implications to consider as well.
If Nvidia’s trend expands to other technology stocks and the market in general, it could indicate a shift in market sentiment. The tech sector, which has been buoyant for much of the year, might face increased volatility. Investors should keep a close eye on whether Nvidia’s recent performance is an isolated incident or a harbinger of a more widespread market correction.
NASDAQ Index Live Chart
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