Nvidia Rout Has Traders Watching $100-Share Level Amid ‘Vacuum’

The stock has fallen 14% in the past three trading sessions
After earnings, there are few potential catalysts on horizon

It’s been a tough 24 hours for Nvidia. Shares fell nearly 10% on Tuesday, wiping out nearly $279 billion in value. Then after the close, the US Justice Department sent subpoenas to Nvidia and other companies as part of an escalating antitrust probe. Justin Teresi of Bloomberg Intelligence is on “Bloomberg Open Interest.”Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Jeran Wittenstein and Ryan Vlastelica

September 4, 2024 at 11:24 AM UTC

Updated on

September 4, 2024 at 7:20 PM UTC

This article is for subscribers only.

The sharp selloff that wiped a record $279 billion off Nvidia Corp.’s market value on Tuesday has traders scouring charts for clues as to where the pain might end.

For Jay Woods, chief global strategist at Freedom Capital Markets, $100 per share is a key level to watch — around the price of last month’s lowest close. Nvidia shares fell 2.2% on Wednesday to $105.59 after swinging between gains and losses earlier in the session.