Headline: Nasdaq Slips Below 50-Day Average as Risk-Off Grips Tech and Fintech
U.S. stocks extended their slide, with the Nasdaq Composite breaking through a key technical level as selling accelerated across technology and fintech names. The index dropped more than 600 points (down 2.58%) to an intraday low of 22,798.31, slipping beneath its 50-day moving average near 22,809.93. The move marks a notable shift in market momentum; the Nasdaq last closed below its 50-day trend line on April 30 after briefly testing it on Friday without follow-through.
Broader equities tracked lower alongside the tech-led decline. The S&P 500 fell 1.69% and is approaching its own 50-day moving average around 6,699.11, while the Dow Jones Industrial Average shed 655 points (down 1.36%). Mega-cap and high-beta tech stocks led the retreat: Nvidia slid 4.82% to $184.42, dipping under its 50-day average at $184.48, while Tesla fell 7.46%, Alphabet lost 3.04%, Meta eased 0.90%, Broadcom dropped 5.38%, and Palantir declined 6.68%. The pressure widened to growth and fintech names, including SoFi (-12.12%), Robinhood (-9.48%), Block (-6.07%), Super Micro Computer (-9.17%), Arm (-6.44%), Intel (-5.79%), Micron (-5.44%), Dell (-5.14%), Snowflake (-5.37%), Lam Research (-5.22%), Western Digital (-5.84%), Disney (-7.60%), Shopify (-7.38%), and ARK Innovation (-5.41%).
The risk-off tone spilled into other asset classes. Bitcoin fell more than $3,000 (-3.09%) to $98,527, slipping back below the $100,000 mark, while gold eased $37 (-0.89%) to $4,157. The combination of technical breaks, broad-based equity weakness, and cross-asset volatility underscores a cautious backdrop for investors as markets reassess risk exposure.
Key Points: – Nasdaq fell over 600 points (-2.58%) and broke below its 50-day moving average near 22,809.93; intraday low hit 22,798.31. – The index last closed under its 50-day average on April 30 after a failed test Friday. – S&P 500 down 1.69%, nearing its 50-day average around 6,699.11; Dow Jones off 655 points (-1.36%). – Tech leaders sold off: Nvidia (-4.82% to $184.42) slipped under its own 50-day average; Tesla (-7.46%), Alphabet (-3.04%), Meta (-0.90%), Broadcom (-5.38%), Palantir (-6.68%). – Fintech and growth names also weaker: SoFi (-12.12%), Robinhood (-9.48%), Block (-6.07%), plus declines across semis and AI hardware. – Risk sentiment deteriorated across assets: Bitcoin fell to $98,527 (-3.09%), and gold eased to $4,157 (-0.89%).
