The Nasdaq 100 index faced a significant decline on Thursday, reaching its lowest level since early June following a turbulent session. Just the day before, the Nasdaq 100 plummeted by 3.7%, marking its most brutal session since October 2022.
Despite an initially positive outlook with higher-than-expected second-quarter GDP growth and easing price pressures, which briefly uplifted stocks and risky assets, the Nasdaq 100 saw a 0.9% rise during midday trading in New York. However, sentiment shifted during afternoon trading as traders started scaling back their Fed rate cut expectations.
Alphabet Inc. stocks GOOGL GOOG tumbled as OpenAI introduced new search features to a limited user base.
Over the past two sessions, the Nasdaq 100, represented by the Invesco QQQ Trust QQQ, has incurred a 4.7% drop, marking its most substantial two-day decline since September 2022.
Nasdaq 100 Hits Highest 2-Day Drop Since September 2022
Top 10 Worst Performers Among Nasdaq 100 Stocks on Thursday
| Company | 1-Day % Change |
| Lululemon Athletica Inc. LULU | -9.03% |
| Warner Bros. Discovery, Inc. WBD | -5.73% |
| Arm Holdings plc ARM | -5.45% |
| Honeywell International Inc. HON | -5.26% |
| Advanced Micro Devices, Inc. AMD | -4.36% |
| Booking Holdings Inc. BKNG | -3.86% |
| Intuitive Surgical, Inc. ISRG | -3.79% |
| ON Semiconductor Corporation ON | -3.67% |
| DexCom, Inc. DXCM | -3.57% |
| QUALCOMM Incorporated QCOM | -3.15% |
Top 5 Best Performers Among Nasdaq 100 Stocks on Thursday
| Company | 1-Day % Change |
| Atlassian Corporation TEAM | 6.34% |
| Old Dominion Freight Line, Inc. ODFL | 5.74% |
| MongoDB, Inc. MDB | 4.83% |
| Gilead Sciences, Inc. GILD | 4.12% |
| O’Reilly Automotive, Inc. ORLY | 4.09% |
Thoughts to ponder:
Earnings season is near – will it bring relief or more stormy weather?
