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Major U.S. stocks slid as the tech downturn intensified. The Dow Jones Industrial Average slipped 1.07% to 46,091.74, the S&P 500 eased 0.8% to 6,617.32, and the Nasdaq dropped 1.21% to 22,432.84.
These are the top stocks that gained the attention of retail traders and investors through the day:
Nvidia stock fell by 2.81%, closing at $181.36. The stock reached an intraday high of $184.80 and a low of $179.65, with a 52-week range of $86.63 to $212.19.
Analyst Ruben Roy from Stifel maintained a Buy rating, raising the price target to $250, citing a significant backlog as a potential driver for long-term success. Roy expects the Jensen Huang-led company to beat third-quarter estimates and issue strong fourth-quarter guidance but warns that near-term upside may already be priced in. With AI compute demand still surging, Roy says Nvidia remains best positioned in a market that could top $100 billion by 2025 and approach $1 trillion long term. Nvidia is expected to release earnings on Wednesday after the market closes.
Home Depot’s shares dropped 6.02%, closing at $336.48. The stock’s intraday high was $348.80, with a low of $336.01, and a 52-week range of $326.31 to $439.37.
The company lowered its full-year profit forecast due to weaker demand and a stalled housing market, as noted in their earnings call.
Home Depot cut its full-year profit outlook after weaker-than-expected third-quarter demand, citing cautious consumers and a housing market stuck at 40-year lows in turnover. Executives said big-ticket projects tied to financing remained soft as inflation and affordability concerns kept customers hesitant. The company doesn't expect underlying demand to improve in the near term.
Cloudflare’s stock decreased by 2.83%, ending the day at $196.53. The stock hit an intraday high of $200.54 and a low of $187.48, with a 52-week range of $89.42 to $260.
A global outage impacted services, leading to a negative market reaction and a significant drop in stock value. The outage briefly took major platforms offline, with users unable to access services including OpenAI's ChatGPT as reports approached 2,000. Elon Musk's platform X was hit even harder, with nearly 13,000 disruption reports at the peak, according to Downdetector.
Plug Power’s stock rose by 2.64%, closing at $2.14. The stock’s intraday high was $2.29, with a low of $1.99, and a 52-week range of $0.69 to $4.58. The stock plunged nearly 21% to $1.69 in the after-hours trading.
Plug Power shares slid after hours as the company announced a $375 million private offering of convertible senior notes due 2033, with an option to sell an additional $56.25 million. Plug plans to use most of the proceeds to repay high-interest debt and repurchase existing notes, with the remainder earmarked for general corporate purposes.
Amazon’s shares fell 4.43%, closing at $222.55. The stock’s intraday high was $230.20, with a low of $222.42, and a 52-week range of $161.43 to $258.60.
The stock was downgraded by Rothschild & Co from Buy to Neutral, maintaining a price target of $250. Analyst Alexander Haissl warned that Gen-AI's weaker pricing power and higher capital intensity raise the risk of overbuilding infrastructure at companies like Amazon. He noted that current AI margins rely on longer depreciation schedules, adding to investor caution.
Benzinga’s Edge Stock Rankings indicate Nvidia stock has Momentum in the 83rd percentile. Here is how the stock stacks up on other metrics.
Prepare for the day’s trading with top premarket movers and news by Benzinga.
Photo Courtesy: Sai Chan on Shutterstock.com
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
