Stock Market Today: Nasdaq Smacked As Regulation Fears Pound Chip Stocks; Meta Platforms, Novo Nordisk Trigger Sell Signals But Dow Jones Bucks Drop (Live Coverage)

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Today’s Stock Market: Nasdaq Hit Hard by Regulation Concerns, Chip Stocks Suffer; Sell Signals for Meta Platforms and Novo Nordisk, but Dow Jones Resilient (Live Updates)

AAPL, AMZN, ASML, CAT, CRM, CVX, GOOGL, GS, JNJ, LPLA, Meta, MSFT, NVDA, NVO, PNC, RJF, TRV, TSLA, TSM, UNH



Chipmakers took a hit during a widespread market decline on Wednesday, with the major tech stocks all experiencing significant drops of over 6% at one point. However, small-cap stocks managed to limit their losses, and the Dow Jones Industrial Average ended the day with a decent gain.

The Nasdaq composite, heavily weighted with tech stocks, plummeted 2.8% by the market close, outpacing the S&P 500’s 1.4% drop. Despite finishing above its intraday low, the Nasdaq was still down significantly. In contrast, the Dow Jones Industrial Average saw a slight gain of 0.6%, hitting a new closing record for the third consecutive session.

Chip stocks faced a sell-off following reports of potential regulations on semiconductor technology exports to China by the Biden administration. This news sparked a sharp decline in companies like ASML, which saw a 12% drop and broke below its 50-day moving average.

While some sectors, such as regional banks, showed strength and continued to rise, others like financial advisory firms experienced significant losses. LPL Financial, for example, saw a steep decline over ten trading days and breached its 200-day moving average, indicating profit-taking by larger investors.

Overall, the market exhibited varied performance among different sectors, with tech stocks particularly hard hit by the day’s events. Keeping a close eye on industry trends and potential regulatory changes will be crucial for investors as they navigate the current market landscape and make informed decisions.

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