The NASDAQ index has scooted lower and currently trades down -133.30 points or -1.01% at 13142.79. A low price reached 13133.98.
The decline has taken the price back below the swing high going back to August 2022 at 13181.09, and also back below the 50% midpoint of the range since the November 2021 high. That level comes to 13172.02.
The Dow industrial average is going the other way with a gain of 74 points or 0.22%. The S&P index is down modestly by 10.59 points or -0.25%.
The NASDAQ index targets will back to the downside after the Bank of Canada raise rates by 25 basis points. The expectations was for unchanged by analyst but they market was discounting a potential hike. The Bank of Canada did leave the door open for further hikes to bring down inflation . Their hike today, officially exited their "conditional pause" in rates. They had kept rate unchanged for 2 consecutive meetings after rising to 4.25% in January.
Looking at individual stocks:
- Nvidia is down $3.04 or -0.79% to $383.55. It reached a high of $419.38
- Google is down $4.34 or 3.42%. Yesterday the last 4 days have seen gains of 0.69%, 0.76%, 1.07%, and 1.03%.
- Microsoft is down $9 or -2.69% after reaching the highest level since the end of December 2021 earlier this week at $338.56. The current price is trading at $324.84
- Apple is trading down $0.62 or -0.35% at $178.52. Apple shares reached an all-time high of $184.93 during its Apple WWDC23 event on Monday.