It’s an ugly one in stocks as a mid-morning attempt to find a bottom has clearly failed. The Nasdaq Composite is at a session low, down 2% and that leaves the index down 4.9% on the week, which is the worst one since late March.
The trend isn’t exactly broken but it will need ot make a stand here.
Notable laggards:
- TSLA -4.9%
- AVGO -4.9%
- MU -4.6%
- NVDA -4.1%
- GOOG -3.4%
- META -2.1%
The big winner on the day is Expedia, up 17% as it raised its outlook on strong travel demand. I continue to believe that boomers and the wealthy traveling more is one best secular trades out there.
Another notable loser today is Archer Aviation, which was something of a meme stock. It’s down 19% today and has been cut in half since Oct 16.
