Entering text into the input field will update the search result below

Momentum stocks tumble, Nasdaq plunges 110

  • The recent selloff in Nasdaq momentum names spilled over to the rest of the stock market today, pulling the Dow and S&P sharply lower from their record highs hit earlier in the session.
  • The S&P 500's 1.2% drop was less than half the Nasdaq's 2.6% plunge, but its 1,865 close was well below the 1,875 some technicians saw as a resistance level.
  • The selling that started in biotechs a few weeks ago has carried over into cloud and enterprise software names, Internet and other high-flying tech names.
  • Looking around Nasdaq, the carnage is evident: ICPT -9.6%, FEYE -8.2%, YELP -6.8%, TRIP -6.1%, TSLA -5.8%, ILMN -5.8%, SPLK -5.5%,NFLX -4.9%, PCLN -4.8%, FB -4.6%, GOOG -4.6%, BIIB -4.5%, CELG -4.3%, WDAY -3.8%, AMZN -3.2%, GILD -2.4%, TWTR -2%.
  • Recent high-fliers also are seeing a surge in volatility to go along with their declines; the implied volatility of the iShares Biotech Fund (IBB -4%) is near its highest level in at least two years.
  • Treasurys rallied as the latest employment report eased concerns that the Fed could raise interest rates sooner than expected; the 10-year yield fell 6 bps at 2.732%.

Recommended For You

Related Stocks

SymbolLast Price% Chg
ICPT--
Intercept Pharmaceuticals, Inc.
To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.