The broader US stock indices are getting hammered, with the tech-heavy Nasdaq Composite and Nasdaq 100 taking the biggest hits. The S&P 500 has broken below its 100-day moving average and its September low, while both Nasdaq indices have fallen through their 200-day moving averages. Those broken levels now give traders upside barometers to judge whether buyers are starting to take back some control.
S&P 500
The S&P 500 fell below its 100-day moving average near 7,621.4, the lower end of a swing area at 7,573.60 and the September low near 7,511. The index is trading at 7,492 after reaching a low of 7,470.06.
Getting back above 7,511 would be a first step for buyers. A move above 7,573.60 and then the 100-day moving average would do more to shift the short-term bias back in their favor. On the downside, the next key support is the 200-day moving average at 7,323.41, just above the 7,300–7,321.25 swing area.
Nasdaq Composite
The Nasdaq Composite is down about 4% at 24,693 after reaching a low of 24,570.52. The selloff took the index below both its 200-day moving average at 25,094.42 and the 38.2% retracement of the rally from the 2026 low at 25,036.
That puts 25,036–25,094.42 in play as resistance on a bounce. Buyers would need to get back above that zone to start shifting the bias in their favor. Below today’s low, the next targets are the July low at 24,425.34 and the 50% midpoint of the year’s trading range at 24,206.50.
Nasdaq 100
The Nasdaq 100 is down 4.75% at 27,080 after trading as low as 26,968.85. Earlier this week, buyers leaned against the 200-day moving average at 27,978 and got a bounce. Today, that support gave way, and the selling carried the index through the 50% midpoint of the year’s trading range at 27,103.
The midpoint is the immediate barometer. Get back above 27,103 and stay above, and buyers have room to work on a rebound, with the 200-day moving average a bigger hurdle overhead. Stay below 27,103 and take out today’s low, and the path of least resistance remains lower, with the 61.8% retracement at 26,098.12 the next key downside target.
The chip and AI trade is getting hammered
The selling in chips and AI is running through the entire buildout. There are a number of of chip and AI stocks down over 10% currently. Bloom Energy and Sandisk led the declines at roughly 18%, while AMD was down nearly 15%. The damage spread from the chips that do the computing to the memory that feeds them, the networks that connect them and the companies that supply the power.
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Memory and storage. Sandisk (NAND flash and SSDs) fell 18.01%, Western Digital (hard drives) dropped 15.08%, Micron (DRAM, high-bandwidth memory and NAND) slid 13.66%, and SK hynix (DRAM, high-bandwidth memory and NAND) lost 11.79%. The selling hit both the memory used by AI accelerators and the drives that store the data.
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Data-center connectivity and optics. Astera Labs (server and rack interconnect chips) fell 16.11%. Lumentum (lasers and optical components) dropped 14.34%, while Coherent (optical components and transceivers) and Credo (high-speed cables and connectivity chips) each fell 13.45%. Marvell (data-center networking and custom silicon) slid 11.54%. The companies that move data between chips, servers and data centers were among the hardest hit.
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Processors and chip design. AMD (CPUs and AI accelerators) fell 14.57%, Qualcomm (mobile processors and modem chips) lost 11.91%, and Arm (processor designs and licensing) dropped 10.97%. The selling reached from data-center compute into mobile chips and the designs that underpin them.
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Chipmaking equipment. Lam Research (wafer etching and deposition equipment) dropped 11.45%, and Applied Materials (semiconductor manufacturing equipment) fell 10.06%. Both suppliers to the fabs took double-digit hits.
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AI cloud and data-center power. Nebius and CoreWeave, which rent out GPU computing capacity, fell 15.14% and 11.32%, respectively. Bloom Energy, which supplies on-site fuel-cell power for data centers, fell 18.23%, the biggest decline on the list.
Bloom Energy leading the declines tells you how far the selling has spread. When the companies supplying the power are getting hit as hard as the chipmakers, a bounce in AMD alone would tell us little about whether buyers are coming back to the broader AI trade.
All sectors in Chip and AI have their representation
Memory and storage
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Sandisk (SNDK) −18.01% · NAND flash and SSDs
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Western Digital (WDC) −15.08% · Hard drives
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Micron (MU) −13.66% · DRAM, high-bandwidth memory and NAND flash
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SK hynix (SKHY) −11.79% · DRAM, high-bandwidth memory and NAND flash
Data-center connectivity and optics
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Astera Labs (ALAB) −16.11% · Chips that connect servers and racks
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Lumentum (LITE) −14.34% · Lasers and optical components
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Coherent (COHR) −13.45% · Optical components and transceivers
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Credo (CRDO) −13.45% · High-speed cables and connectivity chips
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Marvell (MRVL) −11.54% · Data-center networking and custom chips
Processors and chip design
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AMD (AMD) −14.57% · CPUs and AI accelerators
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Qualcomm (QCOM) −11.91% · Mobile processors and modem chips
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Arm (ARM) −10.97% · Processor designs and licensing
Chipmaking equipment
AI cloud and data-center power
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Bloom Energy (BE) −18.23% · On-site fuel-cell power
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Nebius (NBIS) −15.14% · AI cloud and GPU computing capacity
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CoreWeave (CRWV) −11.32% · AI cloud and GPU computing capacity
Market breadth confirms the selloff
Decliners outnumbered advancers across every group in the snapshot, with the Nasdaq showing the weakest breadth. Nearly four Nasdaq stocks fell for every one that rose. The selling was also broad on the NYSE, where decliners led by nearly 2.5 to 1. The S&P 500 held up better on breadth, but even there, roughly eight stocks fell for every five that rose.
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Nasdaq: 639 advancing, 2,456 declining (3.84 to 1)
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Dow Jones: 8 advancing, 22 declining (2.75 to 1)
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NYSE Composite: 514 advancing, 1,261 declining (2.45 to 1)
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Nasdaq 100: 30 advancing, 71 declining (2.37 to 1)
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S&P 500: 186 advancing, 298 declining (1.60 to 1)
The gap between the Nasdaq and Nasdaq 100 tells the story. The biggest tech names are taking some of the hardest hits, and the selling is even more widespread across the broader Nasdaq. If the indices bounce back toward their broken moving averages, watch whether more stocks start to participate. That would give buyers a better read on whether the rebound has some legs.
