Warm greetings to all traders and investors out there, and wow, what a day for the big names in the stock market. Tech giants got hit hard across the board today. Micron crashed -7.02%, followed by AMD -4.27%, Meta -4.45%, and Broadcom -3.17%. Nvidia also slipped -2.34%. Luckily there were still some names holding the line, Eli Lilly jumped +3.60% and Apple gained +1.45%, so the pressure was felt more in semiconductors than across the whole market.
About $507 billion in market value vanished overnight from the S&P 500, and that's what turned the market red today. One of the reasons behind it is the ongoing tension between Iran and the US, which still hasn't cooled down and has pushed global oil prices higher.
Looking at the bigger picture, the S&P 500 closed at 7,691.76, down -0.69%. But the past month's performance is still solid, with Energy Minerals leading the pack at +10.16% and Technology Services at +6.76%. Worth keeping an eye on, Profusa surged +506.62% and AIxCrypto Holdings jumped +85.86%, great picks for anyone hunting high volatility.
Ifwe look at today's drop, it's likely just a temporary pullback. As long as the support zone at 7,620.00 - 7,579.50 holds, the bull trend should stay intact.
The biggest selling pressure hit Nasdaq 100 at -1.68%, while Dow 30 held up better at -0.22%. US 2000 small cap actually turned green at +0.09%, a sign that money might be rotating into small cap stocks. If you're holding big tech positions, now's the time to tighten up your risk management.
Markets are still red today and there might be a bit more correction tomorrow, so stay alert and keep your risk to reward in check. Don't jump in just on gut feeling, because the people who succeed in this market don't rely on it.
⛔Disclaimer - This analysis is for educational purposes and reflects personal opinion only, not financial advice. Always practice risk management and use stop losses (SL) according to your own risk tolerance.
