- The Nasdaq 100 is down 1.19% today.
- Super Micro Computer Inc (SMCI) fell 19.02%, while PDD Holdings Inc DRC (PDD) lost 7.03%.
- NVIDIA beats market expectations in its quarterly report.
The Nasdaq 100 set a daily high of 19,624, attracting sellers who pushed the index to a low not seen since August 15. At the close of trading, the Nasdaq 100 was trading at 19,350, down 1.19%.
Super Micro Computer and PDD Holdings lead losses on the Nasdaq 100
Shares of storage solutions company Super Micro Computer have plummeted by 19.02% to $443.49 following an investigation by Hidenburg Research into possible accounting manipulation. It should be noted that this is not the first time the company has faced such accusations, as it has previously paid fines to the SEC for altering its financial statements.
On the other hand, conglomerate PDD Holdings Inc DRC, which runs e-commerce companies such as Temu, lost 7.03%, trading at $89.17 today.
NVIDIA has released its quarterly report, beating market estimates by reporting revenue of $30 billion versus the $28.68 billion expected. At the time of writing, NVIDIA shares are trading at $125.61, down 2.10% at the close of trading.
Technical levels on the Nasdaq 100
The Nasdaq 100 established a short-term resistance that converges with the 78.6% Fibonacci retracement at 19,936. The first support is seen at 18,830, given by the pivot point of August 14. The next key support is at 17,775, the low of August 8.
Nasdaq 100 daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
