Nasdaq slips 2.7%, on pace for its worst day in 18 months

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Wall Street investors have watched the tech-focused Nasdaq Composite (COMP:IND) tumble Wednesday, as the growth-oriented index is on pace for its worst day in 18 months.

As of 1 p.m. ET, the index was down 2.7%. For reference, the worst trading day of the year aside from today (July 17, 2024) for the Nasdaq Composite (COMP:IND) has been when the index fell 2.23%, which was observed back on Jan. 31. The next low point for a single day would be October 25, 2023, when the benchmark index crumbled 2.43%.

The index slid 3.23% on Dec. 15, 2022.

As the Nasdaq Composite (COMP:IND) continues to face selling pressure, it has pulled down with it the more growth-oriented sectors of the S&P 500 such as Info Tech, Consumer Discretionary, and Communication Services. On Wednesday, Info Tech was lower by 3.6%, while Consumer Discretionary fell 1.4% and Communication Services dipped 1.4%.

Moreover, aside from specific sectors, sub-industries such as broad technology, semiconductors, software services, and general growth have all observed downside moves as a result of Wednesday’s rotational move away from tech. Outlined below are a group of exchange-traded funds that are all in the spotlight as a result of Wednesday’s price action:

Nasdaq ETFs: (QQQ), (QQQM), (QLD), (TQQQ), (QID), and (SQQQ).

Tech ETFs: (VGT), (XLK), (IYW), (FTEC), (IXN), and (RSPT).

Semiconductor ETFs: (SMH), (SOXX), (SOXL), (FTXL), (XSD), (USD), (PSI), and (SEMI).

Software ETFs: (IGV), (HACK), (XSW), and (SPAM).

Growth Focused ETFs: (VUG), (IWM), (IVW), (SPYG), and (VONG).

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