The Nasdaq fell 2.6% today and is now again down over 20% from its peak last November. A lot of stocks got hammered today. But it was the giants that stole the spotlight. They’re now letting go.
Alphabet [GOOG] broke today. It dropped 4.3% today in regular hours trading, and another 0.9% afterhours to $2,390, down by $108, and leaving behind the resistance from which it successfully bounced off three times.
Meta, the good old Facebook that tried to fix its problems by changing its pooh-poohed name, to no avail, has been the trailblazer among the giants for reasons of its own. Its shares [FB] fell 2.1% today and have now plunged 52% from their peak on September 1, 2021 ($384).
Microsoft is letting go too. The shares [MSFT] fell 2.4% today to $274.03 and some more afterhours. They edged through the closing low of March 7 and closed at the lowest point since July 1, 2021. Since their peak on November 22, shares have since plunged 21.6%.
Today, Amazon [AMZN] fell 2.7% to $2,887 and fell another $5 in afterhours trading. It’s down 23.5% from the peak in July 2021. But it didn’t fall through the pre-financial-engineering early-March low:Now Alphabet Breaks, Microsoft too, Meta Already in Free-Fall: One by one, the Giant Stocks that Held Up the Market Let Go | Wolf Street