Big cap tech stocks dropped this year from highs and they’re having trouble getting all the way back up. Since these five make up so much of the S&P 500 weighting, it keeps the index from new highs. The likely reason: the “strategic uncertainty” of on again/off again tariffs policy which amounts to simple uncertainty for investors.
The feeling among economists is that tariffs and inflation go together. As the rise in prices continues, Fed experts take note and before you know it, interest rates stop going down. The new uncertainty, largely unspoken, is that rates will go up. Typically, that’s the wrong direction as far as equities go.
5 Big Caps Unable To Make New All Time Highs
Microsoft
The all-time high price for the big software firm came in June/July 2024 at 462.52. The stock failed to make it to that level this week. It was close but no cigar. The 50-week moving average has turned back up and the 200-week moving average has not stopped heading upward on this chart. Note the RSI negative divergence to price from January 2024 to the summertime high. Microsoft’s market capitalization is $3421 billion.
Nvidia
The semiconductor chip designer is weaker than Microsoft. This week’s high of $143.49 is below the previous all time highs of above $150 from November 2024 and January 2025. The negative divergence of the RSI is clear from its peak of March 2024 to the price highs of late 2024. Nvidia’s price trades above a weakening 50-week moving average. Market cap is $3297 billion.
Apple
This is the most surprising relative weakness among these big caps: Apple peaked late last year at near $260 and now goes for $200. Although that’s a gain from the early April 2025 low, it’s not keeping up with the others. The 50-week moving average appears to be turning over and beginning to trend downward. The 200-week moving average looks strong, even with the springtime price dip below it. Apple’s market cap is $2999 billion.
Broadcom
The Palo Alto-based semiconductor company hit an all time high in December 2024 of $250. This week’s buying took the stock to $246.07 and that’s where the selling came in. Friday’s close was $242.07. This is another big cap tech name where the RSI peaked years ago and no longer makes it above 70 even as price keeps rising. The 50-week and the 200-week moving averages are non-stop upward. Market cap for Broadcom is $1138 billion.
Salesforce
The peak for this software application firm came in November 2024 at just under the $370 level. The March/April 2025 price dip took it below the 200-week moving average, briefly. Since then, the stock in early May bounced to above the 50-week moving average but couldn’t hold above it. It now trades at $265.37 with a price chart similar to Apple, given the inability to move back up to former peaks. Market cap for Salesforce is $253 billion.
Stats courtesy of FinViz.com. Charts courtesy of Stockcharts.com.
No artificial intelligence was used in the writing of this post.
More analysis and commentary at johnnavin.substack.com.
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