Enduring a protracted downturn, the Nasdaq 100 index has sustained its fifth consecutive negative session, denoting the most prolonged retreat for U.S. tech stocks in nearly 14 months.
The downward spiral commenced on Dec. 28, 2023, a day when the Nasdaq 100 reached all-time highs of 16,696 during the session but concluded down 0.05%. Since then, every closure has been in the red, reaching its culmination in Thursday’s session. Over the course of five consecutive sessions, the Nasdaq 100 has incurred a total loss of 4.1%.
The last time such a negative streak unfolded was between Oct. 5 and 12, 2022, when the Nasdaq 100 weathered seven successive red sessions.
The principal contributors to the Nasdaq 100’s downward trend are the shares of the “Magnificent Seven”: Apple Inc. AAPL, Microsoft Corp. MSFT, Alphabet Inc. GOOG, GOOGL, Amazon Inc. AMZN, Meta Platforms Inc. META, NVIDIA Corp. NVDA, and Tesla, Inc. TSLA.
Collectively, these seven stocks, which constitute nearly 35% of the Nasdaq index, have collectively lost an average of 4% in the last five sessions, with Tesla, Apple, and Amazon plummeting by almost 6%.
Overall, the market value shed by the Magnificent Seven over the past week amounts to a staggering $456 billion.
Market Cap, Loss Analysis of Key Tech Stocks (Last 5 Days)
| Company | Market Cap | Market Cap Loss (5-day) | Price Change % (5D) |
|---|---|---|---|
| Apple Inc. | $2,830.91 B | $-169.05 B | -5.97% |
| Amazon.com, Inc. | $1,494.40 B | $-85.45 B | -5.72% |
| Microsoft Corporation | $2,734.63 B | $-53.49 B | -1.96% |
| Tesla, Inc | $756.39 B | $-45.53 B | -6.02% |
| Alphabet Inc. | $1,718.71 B | $-38.81 B | -2.26% |
| NVIDIA Corporation | $1,185.58 B | $-36.46 B | -3.08% |
| Meta Platforms, Inc. | $892.36 B | $-27.59 B | -3.09% |
Nasdaq 100: Top 10 Laggards of Last Week
The following stocks emerged as the 10 poorest performers of the Invesco QQQ Trust QQQ in the past five days:
| Company | Price Change % (5D) |
|---|---|
| MongoDB, Inc. MDB | -13.11% |
| ON Semiconductor Corporation ON | -10.34% |
| NXP Semiconductors N.V. NXPI | -10.09% |
| GLOBALFOUNDRIES Inc. GFS | -9.23% |
| Walgreens Boots Alliance, Inc. WBA | -8.80% |
| Advanced Micro Devices, Inc. AMD | -8.55% |
| Applied Materials, Inc. AMAT | -8.45% |
| Datadog, Inc. DDOG | -8.29% |
| Microchip Technology Incorporated MCHP | -8.20% |
| Atlassian Corporation TEAM | -7.62% |
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