Trading on the Nasdaq Composite on Thursday morning exhibited panic-like buying behavior as stock market benchmarks, weakened after the worst Republican report on record, fell from their session lows. The Nasdaq COMP Compound,
It rose less than 0.1% to 10,560 after hitting a low at 10,412.09 earlier. The Nasdaq Weapons Index, a volume-weighted measure of amplitude, fell to 0.395, and many on Wall Street see declines below 0.500, suggesting panic buying. The Weapons Index is calculated by dividing the ratio of the number of stocks in advance over declines by the ratio of the volume of stocks in advance over the volume in decline. As the stock market increases, guns often drop below 1,000 as buyers rush to advance stocks. Current dynamics suggests that investors may continue to adhere to the trend of buying large cap technology related names that have helped the Nasdaq and Nasdaq-100 NDX index,
They surpassed their peer indexes in recent weeks. Trading in the technology index also comes as investors look forward to a hectic week of corporate earnings, with the results of dozens of high-profile companies to be received after Thursday’s bell, including Google parent Alphabet Inc.Councy. ,
GOOGL,
Apple Inc. AAPL,
Facebook Inc. [s :FB] and Amazon.com Inc. AMZN,
Meanwhile, the DIA Jones Industrial Average DJIA,
it fell 316 points, or 1.2%, to 26,233, while the S&P 500 SPX index,
It was off 0.7% at 3,235. The Dow was flirting with a close below its 50-day moving average at 26,039.97 for the first time since April 24, according to Dow Jones Market Data. On Thursday, shares opened lower after a first reading of second-quarter GDP fell at an annualized rate of 32.9%, the Commerce Department said, a little better than the 34.6% annual decline forecast. in a MarketWatch poll, but it’s still the worst ever. Separately, first-time claims for unemployment benefits increased slightly last week, to 1.43 million from the revised 1.42 million upward, while continuing claims also increased to 17 million in the week ending July 18. .
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