Nvidia extends decline

Source: Dukascopy Bank SA


US tech stocks declined on Tuesday, as a major sell-off occurred that was attributed to various reasons. Some quoted the start of a new month as the reason for the sell-off. Some blamed the lack of earnings in the tech sector. Meanwhile, others shorted the major head and shoulder pattern that was seen on all stock indices.

The biggest looser during this sell off was the stock price of Nvidia, as it was dumped the most. The total losses by the end of the day amounted to 9.53%. However, on Wednesday, the decline continued, as the stock price started the day with a gap down of -2.36% or -$2.55.

This stock sell off continues due to an announcement that was done after yesterday's market closure. Bloomberg revealed that the Department of Justice of the United States has sent Nvidia a subpoena about an antitrust investigation. In general, it is assumed by market commentators that another reason for the sell-off was that insiders and politicians had known about the upcoming drop of the stock. Due to rumours, the information had spread and selling occurred.
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