Nasdaq Falls As Software Dives; Apple Nears Buy Before iPhone Event | Summary and Q&A

TL;DR

Today's market saw heavy selling in software stocks, with Alteryx experiencing a double-digit loss and plummeting below its 50-day moving average. Universal Display and payment stocks like Visa and Mastercard also came under pressure, while chip stocks, including Lattice Semiconductor, showed signs of breaking out.

Key Insights

• ❣️ Heavy selling in the software sector caused stocks like Alteryx to experience significant losses.
• ☄️ Universal Display and payment stocks also came under pressure.
• 🤘 Lattice Semiconductor showed signs of breaking out, indicating potential for a follow-through breakout.
• 😫 Apple's upcoming event is not expected to drive significant sales, but the stock is setting up on a chart pattern.
• 🫥 The relative strength line for Apple has been relatively flat over the long term.
• 🐿️ Chip stocks, in general, have performed well, but they are sensitive to China trade optimism.
• 🐿️ Investors should be cautious when investing in chip stocks due to their volatility.

Transcript

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Questions & Answers

Q: Why did Alteryx experience a double-digit loss today?

Alteryx, along with many other software stocks, faced heavy selling pressure, causing it to drop more than 15% and fall below its 50-day moving average. This could be attributed to the intensification of selling in the software sector.

Q: Which stocks, besides Universal Display, came under pressure today?

Payment stocks like Visa and Mastercard also experienced significant declines. It seems that leading stocks across various sectors were affected, not just software stocks.

Q: How did Lattice Semiconductor perform in today's market?

Lattice Semiconductor showed signs of breaking out as it attempted to clear the 21 by point. It didn't close above it but was in the vicinity. The stock has been performing well along with other chip stocks.

Q: What can be expected from Apple's upcoming event?

Expectations for Apple's new iPhones are not high in terms of driving significant sales. However, the stock is setting up nicely on a chart pattern, and any positive surprises or beats could lead to gains. The downside is that iPhone sales have been falling, which could negatively impact the stock.

Summary & Key Takeaways

• Alteryx, a software stock, suffered a significant loss, dropping over 15% and breaking below its 50-day moving average.

• Universal Display, a leading stock, came under pressure along with other software stocks.

• Lattice Semiconductor attempted to break out and cleared the 21 by point, indicating potential for a follow-through breakout.