Nvidia Rebounds Amid Semiconductor Stock Challenges
Stock futures displayed mixed results on Tuesday following a significant downturn in popular technology stocks, which contributed to the Nasdaq Composite experiencing its most challenging day since April. Notably, Nvidia's shares increased by over 3%. This rise came after the stock had previously fallen more than 6%, marking its most substantial one-day decline since April 19, when it plummeted by 10%. This recent drop pushed Nvidia, a prominent AI company, further into correction territory, with a 16% decrease from its record intraday high set the previous week. Other semiconductor stocks also faced challenges on Monday, including Super Micro Computer, Qualcomm, and Broadcom.
Investors are keenly anticipating the release of data on the Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation measure, expected this Friday. Additionally, consumer confidence data, due to be released during the day, is also under close watch.
The NASDAQ experienced its third negative session. Should there be any continuation on the downside, 19,200 serves as the initial support level, followed by 18,900 and 18,400 if it falls further. On the upside, the next resistance level is at 20,130. If it surpasses this mark, the subsequent levels to monitor are 20,220 and 20,400.
|
Resistance 3 |
Resistance 2 |
Resistance 1 |
Support 1 |
Support 2 |
Support 3 |
|
20,400 |
20,220 |
20,130 |
19,200 |
18,900 |
18,400 |