Markets who look only at the broad index, like the S&P 500 (SPY) and Dow Jones (DJI) will not notice the individual stocks that plunged by 30%. Last week, autonomous chip supplier Mobileye (MBLY) lost 32% of its value after issuing a warning.
Last Friday, beat up REIT Medical Properties Trust (MPW) lost 30%, closing at prices not seen since 2009 (15 years ago). The firm took steps to recover uncollected rents from its tenant, Stewart Health Care System, yet granted that same firm a $60 million loan. Trade MPW stock today instead of treating it as an income REIT.
Apple (AAPL) is about to find support at $180 on the 200 day simple moving average. Without its leadership this morning, smaller technology stocks by market cap size will struggle to find direction. In the consumer electronics sector, watch Sony (SONY) and retailer Best Buy (BBY). Among the tech companies, watch Microsoft (MSFT), which is about to overtake Apple in size.
Watch for upside moves in Nvidia (NVDA), an AI leader while the more diversified firm, Broadcom (AVGO) fights to hold its upside at $1,048. Investors are still buying AI stock. Alphabet (GOOG, GOOGL) is a better choice than Nvidia, based on valuation.
On the S&P 500, avoid Lumen Technologies (LUMN), the worst performing stock. Its CEO is a former Microsoft executive.
Related Stories
