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Market Update: NVDA, TSLA, PLTR, and AMD Drive Down the Nasdaq

Market Update: NVDA, TSLA, PLTR, and AMD Drive Down the Nasdaq

Published: by Omor IE

Key Points

  • The Magnificent Seven stocks are declining significantly this morning.

  • These big-cap stocks are causing the rest of the market to turn red.

  • This is due to tariff-related fears and declining consumer confidence.

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The stock market is down today as tariff uncertainty weighs in and consumer confidence declines. Most non-industrial stocks are down this morning, though industrial stocks have held on due to the Dow Jones Industrial Average holding steady so far as the durable goods print came in hotter.

Regardless, hotter tech stocks that drove a small recovery in the past three days have been hit hard today. Magnificent Seven weakness is causing the overall market to fall sharply, and the market is waiting for the GDP report on Thursday.

Here’s a market update as of 11:00 A.M (ET) today.

  • The S&P 500 is down 19.46 points, or 0.34%.
  • The Nasdaq Composite is down 197.4 points, or 1.08%.
  • Dow Jones Industrial Average is up 169.88 points, or 0.4%.
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Magnificent Seven Stocks Plunge

The Magnificent Seven and other big-cap AI stocks are declining significantly this morning. All the Mag 7 stocks are red so far, with Nvidia (NASDAQ: NVDA) and Tesla (NASDAQ: TSLA) having the highest declines.

NVDA and TSLA stock both rallied sharply from their earlier declines earlier this week. Those gains are now being undone.

For Nvidia, investors fear that the company is going to face stricter regulations in China as the country tightens AI chip controls as some of Nvidia’s chips breach the country’s energy efficiency rules. AMD (NASDAQ: AMD) has also declined by 3.3%.

Palantir (NASDAQ: PLTR) is also down sharply by 2.8% this morning after a significant recovery earlier this week. Arista Networks (NYSE: ANET) is down 5.53%.

Notable Gainers Today

Despite the Mag 7-driven bearishness, there are plenty of winners in the rest of the market.

  • Playtika Holding (NASDAQ: PLTK): Up 22.3% due to a BofA double-upgrade.
  • Worthington Enterprises (NYSE: WOR): Up 20.6% due to solid Q3 FY2025 earnings
  • GameStop (NYSE: GME): Up 15.7% due to a shift to Bitcoin.
  • Perimeter Solutions (NYSE:PRM): Up 11.8% as UBS raises price target to $14.
  • E W Scripps (NASDAQ: SSP): Up 15% as the company receives a prestigious award for its child fentanyl overdose investigation.

Cintas (NASDAQ: CTAS) is also up 7.6%, as its results have been boosted by acquisitions.

Notable Losers Today

  • GeneDx Holdings (NASDAQ: WGSWW): Down 18.9% as part of a broader decline from its highs.
  • Exodus Movement (NYSEAMERICAN: EXOD): Down 10.8% as sentiment about the crypto market falls.
  • Vertiv Holdings (NYSE: VRT): Down 9% after analyst downgrade. Barclays lowered its price target on the stock from $111 to $100.
  • Nebius Group (NASDAQ: NBIS): Down 8.5%. There haven’t been any positive catalysts here, and investors are taking profits.
  • Applied Digital (NASDAQ: APLD): Down 8.3%. This is due to the broader crypto and data center market being scrutinized more by Wall Street investors.

The image featured at the top of this post is ©alexsl / iStock via Getty Images.

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