Nasdaq 100 Sees Tech Stock Blues: AMAT, AAPL Under Fire Nasdaq 100 Sees Tech Stock Blues: AMAT, AAPL Under Fire

By: Alex Freidmen

The Nasdaq 100 index has just closed its fifth consecutive red session, marking the worst negative streak for U.S. tech stocks in almost 14 months.

The downturn began on Dec. 28, 2023 when the Nasdaq 100 hit all-time highs of 16,696 during the session but closed down 0.05%. Since then, there have been only negative closures, culminating in Thursday’s session. The Nasdaq 100 has lost a total of 4.1% over five consecutive sessions.

The last time such a negative streak occurred was between Oct. 5 and 12, 2022 when the Nasdaq 100 experienced seven red sessions.

The primary contributors to the Nasdaq 100’s negative streak are the shares of the “Magnificent Seven”: Apple Inc. AAPL, Microsoft Corp. MSFT, Alphabet Inc. GOOG GOOGL, Amazon Inc. AMZN, Meta Platforms Inc. META, NVIDIA Corp. NVDA and Tesla, Inc. TSLA.

Together, these seven stocks, which account for nearly 35% of the Nasdaq index, have lost an average of 4% in the last five sessions, with Tesla, Apple and Amazon down by almost 6%.

Overall, the market value lost by the Magnificent Seven in the past week amounts to $456 billion.

Market Cap, Loss Analysis Of Key Tech Stocks (Last 5 Days)

CompanyMarket CapMarket Cap Loss (5-day)Price Change % (5D)
Apple Inc.$2,830.91 B$-169.05 B-5.97%, Inc.$1,494.40 B$-85.45 B-5.72%
Microsoft Corporation$2,734.63 B$-53.49 B-1.96%
Tesla, Inc$756.39 B$-45.53 B-6.02%
Alphabet Inc.$1,718.71 B$-38.81 B-2.26%
NVIDIA Corporation$1,185.58 B$-36.46 B-3.08%
Meta Platforms, Inc.$892.36 B$-27.59 B-3.09%

Nasdaq 100: Top 10 Laggards Of Last Week

Here are the 10 worst-performing stocks of the Invesco QQQ Trust QQQ in the last five days:

See also  Is Tesla Stock Heading for a Fall in 2024? Is Tesla Stock Heading for a Fall in 2024?
CompanyPrice Change % (5D)
MongoDB, Inc. MDB-13.11%
ON Semiconductor Corporation ON-10.34%
NXP Semiconductors N.V. NXPI-10.09%
Walgreens Boots Alliance, Inc. WBA-8.80%
Advanced Micro Devices, Inc. AMD-8.55%
Applied Materials, Inc. AMAT-8.45%
Datadog, Inc. DDOG-8.29%
Microchip Technology Incorporated MCHP-8.20%
Atlassian Corporation TEAM-7.62%

Read now: Top Bank Stock Picks For 2024: ‘Valuations Are At 50% Discount To S&P 500,’ Analysts Say

Photo via Shutterstock.