The stock market today saw Super Micro Computer (SMCI), Broadcom (AVGO), Micron Technology (MU), Lam Research (LRCX), and Advanced Micro Devices (AMD) as the top five worst performers on the S&P 500 index. This decline in AI chip and hardware plays came ahead of Nvidia (NVDA) earnings report scheduled for Wednesday night, leading to Nvidia stock falling by 2.25% on Monday.
Super Micro stock experienced a sharp decline of 8.3% to 562.51. Despite being one of the top performers in the S&P 500 index in 2024, with a 98% increase, it has also seen a significant drop of 47% since joining the index on March 18.
Broadcom stock also plunged by 4.05% to 159.62, dropping below the 50-day moving average. Meanwhile, Micron stock gave up 3.8% to 98.91, falling even further from its 200-day line. Lam Research and AMD stocks also saw declines of 3.4% and 3.2%, respectively.
Investors might find opportunities in these stocks as they present potential buy points or entry points, especially as trends like consolidations can offer insights for making investment decisions. Keeping an eye on key moving averages and the overall market sentiment is crucial for navigating the turbulent waters of the stock market.
Follow industry experts and analysts on social media platforms for up-to-date stock market trends and insights, as well as utilizing tools like MarketSmith and SwingTrader for identifying potential growth stocks and avoiding significant losses. Remember, investing in the stock market requires careful analysis and a long-term mindset to weather the ups and downs of the market.
