Where Data Tells the Story
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This graphic ranks the biggest single-day stock swings by market cap gain/loss (as of Sept 6, 2024). This data was sourced from Charlie Bilello, Chief Market Strategist at Creative Planning.
Given Nvidia’s multi-trillion dollar valuation, billions in market cap can be gained or wiped out in a single day.
2024 is proving to be a volatile year for tech stocks, particularly Nvidia, as investors have recently rotated into more defensive sectors like Utilities and Consumer Staples.
Looking at the Nasdaq-100 index, for example, we can see “falling tops” since July 2024, a pattern in which each peak in price is lower than the previous peak. Falling tops typically indicate a bearish trend.