Thursday, July 23, 2020

Nasdaq 100 Underperformance Continues: Techs Lead Markets Lower (NDX)

The big news is the whack that Apple is taking, via Yahoo Finance:
2:20 p.m. ET: Apple shares tumble nearly 5% after Axios reports company is facing multi-state consumer protection probe
Shares of Apple sank nearly 5% Thursday afternoon, with the heavily weighed tech giant weighing down the major indices after news outlet Axios reported the company was facing a multi-state consumer protection probe.
Texas’s attorney general may sue Apple over violations of the state’s deceptive trade practices law as part of a multi-state investigation, Axios reported. The current practices under investigation and status of the probe remain unclear.
The investigation would add to others the iPhone-maker is already facing from US House lawmakers and the European Union over antitrust concerns....
But the whole group is getting hit and looks as if it had better stop here or the bottom falls out.
Two weeks of NDX futures via FinViz: