These Nasdaq 100 Big Caps peaked months ago and have dropped in price steadily since then. Each stock has a separate, individual story but the Trump tariffs and their effects on prices play a big part on all of them. Fed Chair Jerome Powell this week said that the resulting inflation may affect interest rate policy.
It’s not a good mix, according to investors who have shown their dislike by selling the shares of these well-known names. What had been hot stocks are now in the cold as ice territory as the price charts show serious downtrends for each. Wall Street is having second thoughts.
Nasdaq 100 Big Caps With Big Price Drops
Apple
The early April slide below the August 2024 low near 195 is quite dramatic. The gap down from about $220 to just above$205 demonstrates the emotional quality to the selling. That buyers did not show up again until stock reached just below $170 does not instill confidence despite the short bounce that followed.
That bounce failed to fill the gap down and the price remains below the 50-day and the 200-day moving averages. The tiny red circle shows the spot in early April where the former crossed below the former, indicating the extent of trend weakness. The iPhone maker has been wounded by the Trump tariffs.
Meta Platforms
Meta Platforms Chairman, Chief Executive Officer and Controlling Shareholder Mark Zuckerberg cannot be too happy with the recent stock performance of the company. From the February peak of $740 to the current $501 is a two-month drop of 32%. The 50-day moving average is down trending as of late March/early April.
The red-dotted line connects the February top with the April high and shows the serious downward slant of the price. Are we about to witness a re-test of the August 2024 low just below the $460 level?
Nvidia
The semiconductor giant peaked in January at $152.50 and now goes for $101.49. For those who bought then and continue to hold, that’s a 33% loss. Note that since from that top to early April, the price has shown a series of lower highs and lower lows, the definition of a down trend.
The 50-day moving average in mid-March crossed below the 200-day moving average, a further indication of the downward direction of trend. Although the price bounced upward for a few days, it failed to cross above the moving averages. It’s a negative as well that the April low dropped below the August 2024 low.
Tesla
The November/December 2024 upward movement bears a certain resemblance to the Seig Heil hand gesture made in public in January by Tesla CEO Elon Musk. Since the mid-December peak of $480 the stock has dropped to its present $241. That’s a 41% loss for those who purchased then and held on.
The red circle shows where the 50-day moving average recently crossed below the 200-day moving average, an indication of trend weakness. Tesla has managed to stay above the August 2024 low, better than some of the other Nasdaq 100 big caps. A close below that level would not be pleasing to remaining investors.
Stats courtesy of FinViz.com. Charts courtesy of Stockcharts.com.
More analysis and commentary at johnnavin.substack.com.
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