The tech-heavy NASDAQ index is under heavy pressure today, led by sharp declines in semiconductor stocks. Sentiment has soured following news that Nvidia will take a $5.5 billion charge due to new U.S. export restrictions that require licensing to ship its H20 AI processors to China and other countries.
Currently,
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Nvidia (NVDA) shares are down 7.25%
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AMD shares have dropped 6.76%
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Broadcom (AVGO) is lower by 2.93%
The NASDAQ index is currently down 351 points (-2.07%) at 16,475.75, after falling to a session low of 16,420.56. The high for the day reached 16,600.36.
From a technical perspective, today’s sharp drop has taken the index back below its 100-hour moving average (blue line on the chart above), currently at 16,673.30. The price had moved above this level on April 14 and remained there through yesterday’s session, but today’s gap back below suggests a renewed bearish tilt.
Looking ahead, the next key downside target is the 50-hour moving average, which comes in at 16,330.78 and is gradually rising.
