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Aug 26, 2024 4:50 PM

Nasdaq 100 Falls 1%, Tests 50-Day Average Support: Tech Stocks In Flux On Monday

The week started on a sour note for the Nasdaq 100, which slipped by 1%, erasing the gains made last Friday when the index rallied following Fed Chair Jerome Powell‘s hint at a possible rate cut during his much-anticipated speech at Jackson Hole.

Monday brought no significant news or economic data directly impacting tech stocks, reflecting a cooling of risk sentiment after the tech-heavy index had surged over 14% since its August lows.

Two main factors weighed on the Nasdaq 100 on Monday, as tracked by the Invesco QQQ Trust (NASDAQ:QQQ): the decline in semiconductor stocks and the ...