Nasdaq Composite: NVDA Falls, TSLA Rises 3% in Bittersweet Market
The markets came out of the gate lower, not least a 1.2% decline in the tech-heavy Nasdaq Composite. Admittedly, there is more bitter than sweet in the markets of late. Stocks are headed for their fifth consecutive week of negative performance as market sentiment remains sour. Nvidia (Nasdaq: NVDA) weighed on the Nasdaq with a […] The post Nasdaq Composite: NVDA Falls, TSLA Rises 3% in Bittersweet Market appeared first on 24/7 Wall St..
The markets came out of the gate lower, not least a 1.2% decline in the tech-heavy Nasdaq Composite. Admittedly, there is more bitter than sweet in the markets of late. Stocks are headed for their fifth consecutive week of negative performance as market sentiment remains sour. Nvidia (Nasdaq: NVDA) weighed on the Nasdaq with a 2% decline while Tesla (Nasdaq: TSLA) was gaining around 1% compared with a 40% drop year-to-date. The Dow Jones Industrial Average and S&P 500 also started the day in the red, despite their best efforts to turn it around. The Fed’s Williams said he expects economic growth to slow in 2025 compared with 2024 levels, igniting further concerns.
All sectors are declining in early morning trading, including a 1% drop in real estate. Homebuilder Lennar (NYSE: LEN) is falling 7% on the day on housing market headwinds, including elevated mortgage rates and home prices.
A fire near London’s Heathrow Airport has sent airline stocks lower. United Airlines (NYSE: UAL) is falling 2% on the day.
FedEx (NYSE: FDX) is sinking by 10.8% as of early-morning trading on the heels of its quarterly earnings report amid fears of how the trade wars will impact profits. Making things worse, the transportation company also lowered its outlook, giving Wall Street more reason to worry. Goldman Sachs is sticking with the stock, reiterating its “buy” rating on the stock despite policy uncertainty.
Athletic apparel company Nike (NYSE: NKE) is wiping out gains with an 8% drop on the heels of its quarterly earnings also for trade-related fears and their potential impact on the company’s performance in the near term. Goldman Sachs reiterated its “buy” rating on NKE stock, but it’s doing little to help shares today.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 336.14 (-0.80%)
Nasdaq Composite: Down 136.19 (-0.77%)
S&P 500: Down 39.85 (-0.70%)
Key Points
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The markets came out of the gate lower across the board, including a 1.2% drop in the Nasdaq Composite.
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FedEx is weighing on sentiment on tariff-related fears.
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Tesla is regaining some lost ground but is still lower by 40% year-to-date.
Market Movers
JPMorgan reiterated its “overweight” rating on Mag 7 stock Apple (Nasdaq: AAPL), grouping it among cyclical stocks and saying it has defensive tailwinds.
Computer memory chips maker Micron Technology (Nasdaq: MU) is falling a steep 6.8% on the company’s expectation that margins will fall short of Wall Street estimates in the current quarter.
The post Nasdaq Composite: NVDA Falls, TSLA Rises 3% in Bittersweet Market appeared first on 24/7 Wall St..
