The relative trading volume for the Dow, the S&P 500 (SPY), and Russell (IWM) is typical for a Monday. Conversely, Nasdaq (QQQ) is trading at over 1.5 times the relative volume.
Investors are selling Nvidia (NVDA), down 3.40%, on worries that the U.S. government will crack down on its aggressive tactics to continue selling chips in China. Ahead of the selling pressure, peer AI play Super Micro Computer (SMCI) insiders are net sellers of their stock. Amazon (AMZN) is down 1.76% and Microsoft (MSFT) is 1.65% lower.
AMD (AMD) continued to rise, up 2.61% today.
In the drug sector, Yahoo Finance awarded Novo Nordisk (NVO) the company of the year recognition. This is the most valuable company in Europe with a market capitalization of $322.5 billion. This award may come just as NVO peaked at over $105. It last traded at $95.26.
Novo benefits from its drug finding increasing demand for treating obesity. Its peer, Eli Lilly (LLY), also benefits. LLY stock is up 56.1% YTD, outperforming NVO stock which is up 40.8% YTD.
Stocks on Decline
In the e-commerce space in the Asian region, Sea (SE) fell. Tokopedia will get a massive $1.5 billion in joint venture investments from TikTok Shop in Indonesia. This is a step toward ending a TikTok app ban in Indonesia. TikTok is spending $840 million to acquire most of the e-commerce unit.
After Nasdaq 100 planned to remove JD, JD stock fell by 2.8% by mid-day. Alibaba (BABA) traded at a new one-year low of $70.08 before recovering to $71.36, down 1.08% intraday.