Big Tech Stocks Fall Broadly Intraday, Tesla Plunges Nearly 14%, Google Down Almost 7%
Complete. Here is the key summaryDuring Thursday's intraday session, big tech stocks weakened collectively. Tesla plummeted nearly 14%, while Google and Meta both fell over 6%. Apple and Amazon dropped more than 4%, and TSMC declined nearly 1%, reflecting subdued sector sentiment.
During the intraday session on Thursday (July 23), the US big tech sector came under broad pressure, with mainstream tech giants closing lower across the board. As of 4:45 PM ET, heavyweight technology stocks in the Nasdaq faced significant selling, amid rising market risk-off sentiment.
In terms of individual stocks, Tesla (TSLA.US) led the sector's decline, plunging 13.83% to close at $322.35, hitting an intraday low of $318.55, with trading volume reaching $23.12 billion. Google (GOOGL.US) and Meta (META.US) followed closely, falling 6.79% and 3.88% respectively, closing at $318.85 and $602.85. Apple (AAPL.US) and Amazon (AMZN.US) were not spared, dropping 1.66% and 4.44% to $320.50 and $233.99 respectively. Semiconductor giant TSMC (TSM.US) showed relative resilience, edging down 0.79% to $417.89.
On the derivatives front, leveraged ETFs linked to Tesla saw volatile moves. The 3x Long Tesla ETF (TSLL.US) crashed 27.78% to $7.93, while the 3x Short Tesla ETF (TSDD.US) surged 27.74% to $10.78 against the trend. Google-related leveraged products also diverged, with the 3x Long Google ETF (GGLL.US) falling 13.80% and the 3x Short Google ETF (GGLS.US) rising 6.66%. Overall, capital outflows from the big tech sector were evident today, indicating shaken investor confidence in high-valuation technology stocks.