Nasdaq Dives 400 Points As Stock Market Correction Intensifies ; Tesla, Nvidia, AMD Stocks Fall Hard

The Nasdaq composite was under heavy selling pressure in afternoon trading Tuesday, weighed down by a sell-off in Tesla stock, which dived more than 10%. Tesla‘s (TSLA) weakness comes one day after CEO Elon Musk reached a deal to take Twitter (TWTR) private for about $44 billion.


Nvidia (NVDA), Advanced Micro Devices (amd) and (AMZN) also lagged badly in the Nasdaq 100, with losses of more than 5% each. Results from Amazon are due Thursday after the close, along with Manzana‘s (AAPL).

Selling was less intense in the Dow Jones Industrial Average, but the blue-chip index still fell 1.8%. Weak performers in the Dow Jones today included Nike (NKE) and boeing (BA), while Visa (v) and microsoft (MSFT) were under pressure with earnings due after the close today.

Chevron (CLC) was a rare bright spot in the Dow Jones, up 1%. US crude oil futures turned sharply higher in afternoon trading, up more than 3% to $101.75 a barrel.

US Stock Market Today Overview

Index Symbol Price gain/loss %Change
dow jones (0DJIA) 33413.68 -635.78 -1.87
S&P 500 (0S&P5) 4202.55 -93.57 -2.18
nasdaq (0NDQC ) 12583.57 -421.28 -3.24
Russell 2000 (IWM) 188.80 -5.05 -2.61
IBD 50 (FFTY) 33.31 -0.63 -1.86
Last Update: 1:36 PM ET 4/26/2022

Bond yields were in focus again, with the 10-year Treasury yield down 6 basis points to 2.76%.

Nasdaq Today

The Nasdaq composite was down just over 3% after rising 1.3% Monday. The Nasdaq undercut Monday’s low, which brings a trip down to its March 14 low into play. A harsh break of this level might be the shakeout the stock market needs to put in a bottom.

Declining stocks outnumbered advancers on the Nasdaq by about 4-to-1.

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Cadence Design Systems (CDNS) bucked the trend in the Nasdaq 100 after reporting strong earnings. But it’s still on a downtrend, stuck below its 200-day moving average.

The S&P 500 was down 2%, hurt by an earnings sell-off for General Electric (GE), which plunged nearly 12%.

But Sherwin-Williams (SHW) and waste management (wm) were earnings winners in the S&P 500.

SHW stock gapped up over its April 8 high of 266.77, but it’s still entrenched below its 200-day moving average.

WM’s relative strength line is in new high ground as it tries to break out of a cup-with-handle base with a 165.95 buy point. group peer Waste Connections (WCN) is near the top of an 18-week consolidation while it holds support at its 10-week moving average.

On the NYSE, losers beat winners by about 3-to-1.

other stock marketnewsseveral leading fertilizer stocks are testing support at their 50-day moving averages for the first time including CF Industries (CF), Mosaic (MOS), and nourish (NTR).

Nasdaq Hits New Low As Tesla Dives; Microsoft, Google Headline Earnings

Coal Stocks Rally

Coal stocks dominated the upside in the Market Smith Growth 250helped by a big revenue beat from Arch Resources (ARCH).

ARCH stock soared more than 20% after the company reported adjusted profit of $12.89 a share, reversing a year-ago loss. Revenue surged 143% to $867.94 million, well ahead of the Zacks consensus estimate of $649 million.

Other coal stocks in the MarketSmith Growth 250 rose sharply, including Alpha Metallurgical Resources (AMR), Consol Energy (CEIX) and PeabodyEnergy (BTUs).

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.


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