Tech Shares Slide; Nvidia Falls Below $2 Trillion Market Cap — Technology Roundup
The S&P 500 Information Technology Sector fell 7.3% this week, its worst weekly decline since the week ended March 20, 2020, when it fell more than 15%.
First-quarter earnings are due for Tesla on Tuesday. Analysts expect about a 5% decline in sales and GAAP earnings to drop 42% to 42 cents a share.
Nvidia, Amazon and Meta Platforms broke a key level of support at the 50-day line. Nvidia's market cap ended below $2 trillion for the first time since Feb. 29. The stock price slid below its 50-day line, which should be considered a sell signal. Amazon and Meta haven't fallen quite as much below their 50-day lines, but their action is worrisome nonetheless, according to Investor's Business Daily.
Super Micro Computer sank further below the 50-day moving average, which is a sell signal. Volume is running well above average. It is another one of the leaders of the market uptrend that have broken down, according to Investor's Business Daily.
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
April 19, 2024 18:00 ET (22:00 GMT)
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