Nasdaq Fails to Reach New High, As AMD Stock Dives 10% Lower

Stock indices such as S&P 500 and Dow Jones have been making record highs, with Nasdaq not behind, but they are in a consolidation period now. Nasdaq led the retreat today, despite higher earnings from tech companies, however, the retreat was small, below 1%, which indicates that the uptrend in stock markets will resume again once the consolidation phase is over.

The major U.S. indices closed lower, ending near their daily lows as caution dominated the market ahead of key earnings reports. The Nasdaq, in particular, retreated as investors awaited results from Meta and Microsoft, due after the close. Falling yields pressured tech stocks, with AMD shares dropping 10%, which weighed on other chipmakers.

Nasdaq Chart Daily – Holding Close to Record Highs

AMD achieved record data center revenues of $3.5 billion in Q3 2024, representing a substantial 122% increase year-over-year. This growth reflects AMD’s expanding presence in the data center market and strong demand for its server processors and other enterprise solutions. The impressive rise highlights AMD’s competitiveness in the data center sector and underscores the company’s strategic focus on high-performance computing to drive growth.

Closing Levels for Major U.S. Indices

• Dow Jones Industrial Average: Fell by 91.46 points (-0.22%) to 42,141.60.
• S&P 500 Index: Dropped 19.18 points (-0.33%) to 5,813.74.
• Nasdaq Composite Index: Decreased by 104.82 points (-0.56%) to 18,607.93, coming off yesterday’s record high close.
• Russell 2000 (Small Cap): Declined 5.05 points (-0.23%) to close at 2,233.03.

This decline was partially balanced by Alphabet’s 3.5% increase, providing some support to the tech-heavy index. Broadly, the session reflects investors’ focus on economic indicators and the impact of upcoming earnings announcements on market sentiment.

S&P 500 Live Chart

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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