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Cassava Sciences Among Top Winners Yet Again
Investors stay bullish about the company's future prospects.
Adam Garcia
August 05, 2024
Good Afternoon!
Hey, everyone. It's Adam from Elite Trade Club.
Here’s what moved the market today.
Markets 📈
U.S. indexes slumped for another day as mass sell-offs occurred across the board. Fears continue to rise about an economic shutdown on the horizon.
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Market-Moving News 📈
Tech Giants Tumble: Nvidia and 'Magnificent Seven' Shed $520 Billion in Market Plunge
📉 Major Decline for Nvidia and Tech Giants
On Monday, Nvidia (NVDA) shares experienced a sharp decline of 6%, contributing to a significant market downturn that saw the "Magnificent Seven" stocks lose approximately $520 billion in market capitalization.
🕒 Mid-Morning Market Status
By 11:35 a.m. ET, these seven key stocks, which collectively constitute around 43% of the Nasdaq 100 (^NDX), faced their 10th largest market value drop in history.
Alphabet (GOOGL, GOOG) and Meta (META) both saw declines exceeding 2%, while Tesla (TSLA) dropped over 3%.
📉 Real-Time Trading Figures
Nvidia's real-time trading showed a decrease of 6.32%, bringing its price down to $100.49 by 2:29 PM EDT. Meanwhile, Amazon (AMZN) and Microsoft (MSFT) each fell by more than 3% and 2%, respectively.
📰 Impact of Individual News Stories
Individual news stories also played a role in the slump of these tech giants. Apple (AAPL) saw a near 4% drop following Berkshire Hathaway's announcement that it had halved its stake in the company.
🚫 Delays in AI Chips and Their Consequences
Nvidia's shares were particularly impacted, falling as much as 13% when the market opened. This drop was due to delays in releasing its next-generation AI chips. These delays could affect major clients such as Microsoft, Alphabet, and Meta.
Gil Luria, a senior software analyst at D.A. Davidson, highlighted the critical timing for Nvidia to make sales to these companies. He noted that missing this opportunity could have a significant long-term impact on Nvidia's value.
📉 Broader Market Sell-Off
Monday's decline followed a week of heavy sell-offs in the chip sector, with Nvidia's stock tumbling more than 5%. On Friday, Nvidia had closed down 1.8%, while Intel (INTC) plummeted over 26% after a poor second-quarter earnings report.
The broader tech sector downturn pushed the Nasdaq Composite (^IXIC) into correction territory, defined by a 10% drop from its recent peak, following a disappointing July jobs report.
Top Winners and Losers 🔥
Indonesia Energy [INDO] $3.67 (+60.96%)
Indonesia Energy climbed today following the company’s discovery of oil in a new well.
CervoMed [CRVO] $13.33 (+25.40%)
CervoMed shares rose today as analysts paint a 230% upside in the next year.
Cassava Sciences [SAVA] $30.58 (+20.51%)
Cassava Sciences continues its upward momentum as investors await an August 8th to discuss company developments.
Actinium Pharmaceuticals [ATNM] $2.48 (-59.81%)
Actinium Pharmaceuticals faces regulatory uncertainty over its Iomab-B targeted radiotherapy.
Greenlane Holdings [GNLN] $2.16 (-29.85%)
Greenlane Holdings’ woes remain as the company continues to underperform.
NiSun International [NISN] $8.31 (-27.80%)
NiSun International still faces scrutiny after finally regaining compliance with NASDAQ requirements.
That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!
Thanks for reading. I'll see you at the next open!
Best Regards,
— Adam G.
Elite Trade Club
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