Tech Has Early Short Circuit
This morning, it is the tech heavy NASDAQ Composite that is leading all of the major stock indexes lower. The NASDAQ Composite is declining lower by 1.49 percent. Many of the market leading NASDAQ stocks are coming under heavy selling pressure and this is certainly weighing down the index.
Apple Inc.(NASDAQ:AAPL) is the second largest stock by market capitalization behind Exxon Mobil Corp.(NYSE:XOM). This morning, AAPL stock is trading lower by $2.95 to $380.40 a share. Traders can watch for short term support around the $379.50 area and more support around the $376.75 level.
Baidu Inc.(NASDAQ:BIDU) is the leading internet stock in China. This morning, BIDU stock is trading lower by $8.65 to $136.05 a share. Traders should watch for intra-day support around the $133.00 area. This stock is a major component of the NASDAQ 100 Index and should be followed very closely.
Other leading technology stocks that are declining lower include Google Inc.(NASDAQ:GOOG), and Amazon.com Inc.(NASDAQ:AMZN). At this time, the major stocks are all trading together with the major stock indexes. Therefore, if the U.S. Dollar index declines it is very likely that most leading technology stocks will trade higher off of the morning lows.