Nasdaq plunges 2.3% and is on pace for its worst trading day of 2024

seekingalpha07-17

Wall Street investors have watched the tech focused Nasdaq Composite (COMP:IND) tumble during the early part of Wednesday's trading session, as the growth oriented index is on pace for its worst day ...

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As of 11:00 a.m. EST, the index was down 2.35%. For reference, the worst trading day aside from today (7/17/24) for the Nasdaq Composite (COMP:IND) has been when the index fell 2.23% which was observed back on January 31, 2024. The next low point for a single day would be October 25, 2023, when the benchmark index crumbled 2.43%. 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 3.2%, while Consumer Discretionary fell 1.9% and Communication Services dipped 1.8%. 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).","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2452166304"}