The NASDAQ Composite was down an already punishing 2.75% at noon in New York. But the damage wasn’t done for the day. The tech-heavy index closed the day down 4.11%
And the big techs, the stocks that had driven the rally up and are now pacing the move down, sold off in the afternoon too.
Apple (AAPL) down 3.78% at noon closed down 6.73%. Nvidia(NVDA) down 2.07% at noon finished down 5.62%. Microsoft (MSFT) down 3.56% at noon ended down 5.41%.
The money didn’t seem to be rotating into anything. Coca Cola (KO), lower by 2.59% at noon, did manage to close down just 2.41%. American Airlines (AAL), up 2.13% at noon, was up just 0.15% at the end of trading.
In a breakdown like this, we’re looking for a rush of panic selling to signal the end of the drop.
We did have signs of possible panic that in the sell off in the afternoon and the indiscriminate selling of everything that traders and investors had loved just days ago. Qualcomm (QCOM) dropped 5.35% today. Vaccine leader (maybe?) Moderna (MRNA) lost 13.19% And, of course, Apple showed that 6.73% plunge.
One thing that might suggest hope for a moderation of selling pressure tomorrow is that in after-hours trading Qualcomm gained 1.12% and Apple edged upwards by 0.20%.
Some group of investors thinks the selling might have gone too far today. Although they can’t be said to be pounding the table.