US shares again beneath strain

The tech-heavy NASDAQ index is beneath heavy strain as we speak, led by sharp declines in semiconductor shares. Sentiment has soured following information that Nvidia will take a $5.5 billion cost on account of new U.S. export restrictions that require licensing to ship its H20 AI processors to China and different international locations.

Presently,

• Nvidia (NVDA) shares are down 7.25%

• AMD shares have dropped 6.76%

• Broadcom (AVGO) is decrease by 2.93%

The NASDAQ index is presently down 351 factors (-2.07%) at 16,475.75, after falling to a session low of 16,420.56. The excessive for the day reached 16,600.36.

From a technical perspective, as we speak’s sharp drop has taken the index again beneath its 100-hour transferring common (blue line on the chart above), presently at 16,673.30. The value had moved above this degree on April 14 and remained there by means of yesterday’s session, however as we speak’s hole again beneath suggests a renewed bearish tilt.

Trying forward, the subsequent key draw back goal is the 50-hour transferring common, which is available in at 16,330.78 and is step by step rising.

This text was written by Emma Wang at www.ubaidahsan.com.



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