It’s not just NVIDIA and the artificial intelligence-related group of stocks that have been sold off lately. A good number of old-school name brands have been hitting the dumpster as well. The recent unloading is wider and more diversified than investors might be thinking.
It might seem odd that just as analysts conclude that the Fed will be cutting interest rates, many stocks dive. A lot of rate cut talk is priced in now as the expectations for it are widely accepted. Whatever the case, these NYSE big caps are way off their 2023/2024 highs.
5 Big Caps Selling Off.
Walt Disney (NYSE: DIS).
One of the most notable price chart indicators on this chart is the crossover of the 50-day moving average to below the 200-day moving average. The stock traded at $ 122 in early April and hit a July low of $90, slippage of 26%. Disney has recovered a bit of the loss but continues underneath that declining, red-dotted trend line that connects the April and May highs.
Honeywell (NASDAQ: HON)
The conglomerate, with a market capitalization of $132 billion, gapped down in mid-July to just above the 200-day moving average. Now with 3 closes below the 50-day moving average, that shorter-term measure is down trending. The April lows of just below $190 are likely support levels should further intense investor dumping kick in.
Intel (NASDAQ: INTC)
The semiconductor maker moved from $51 in late December 2023 to just below $30 in May 2024 for a 41% drop from top to bottom. The stock rallied in mid-July but has sold off again and now trades back in the $30 level. The price of Intel shares is now below both the 50-day and the 200-day moving averages.
Las Vegas Sands (NYSE: LVS)
The international casino/resort stock with big operations in Las Vegas and Macau is clearly declining in price. The red-dotted line that connects the early April high with the June high shows how downward the price is moving. Note that the 50-day moving average crossed below the 200-day moving average in early May. Among the major casino/resort stocks, Las Vegas Sands this year is the worst performing.
United Parcel Service (NYSE: UPS)
On this chart, dating back to November 2023, the price is now lower than each preceding low. The July gap down takes it to below both the down trending 50-day and 200-day moving averages. The red-dotted line connecting the late March high with the May high shows the steadiness of the declining price. Note that this July price remains below the June 2024 lows and the November 2023 low.
No artificial intelligence was used in the writing of this post.
More price chart analysis and commentary at johnnavin.substack.com.
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