Benzinga - by Piero Cingari, Benzinga Staff Writer.
The tech-heavy Nasdaq 100 Index just concluded its most challenging session of 2023, shedding 2.5% on the day.
The last time the Nasdaq 100 endured such a notably negative daily performance was in mid-December 2022 when it experienced a 3.3% dip.
Since reaching its annual peak on July 18, the index has now plummeted by 9.8%, dangerously nearing correction territory.
What triggered this downfall in the Nasdaq was the significant contributors that had previously fueled a remarkable 30% rally since the beginning of the year.
Nevertheless, the market downturn wasn’t confined to the heavyweights, as evidenced by the 2.3% decline in the equally weighted index, tracked by the Direxion Nasdaq 100-Equal Weighted Index Shares (NASDAQ:QQQE).
Analyzing the holdings of the Invesco QQQ Trust (NASDAQ:QQQ), here are the tech sector giants that exerted the most downward pressure on the daily performance:
- Alphabet Inc. (NASDAQ:GOOGL): down by 9.5% during the session, Alphabet alone dragged down QQQ by 0.34% today.
- Amazon.com, Inc. (NASDAQ:AMZN): down by 9.6%, Amazon shaved off 0.3% from QQQ’s daily performance.
- Nvidia Corp. (NASDAQ:NVDA): down by 4.3%, Nvidia chipped away approximately 0.2% from Nasdaq’s daily performance.
- Meta Platforms Inc. (NASDAQ:META): down by 4.1%, Meta also contributed negatively, accounting for 0.2% of QQQ’s daily decline.
Nasdaq 100: Key Levels To Watch Next
It’s worth noting the S&P 500 index, tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), has already broken below this threshold, suggesting broader market challenges.
Chart: Nasdaq’s Next Supports Are 14,000, 200-Day Average
Read Now: S&P 500 Breaches 200-Day Average As Treasury Yields Hit 5%: Analyst Says The Primary Trend Is ‘Down’
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