Stocks close higher but not Nvidia. It was a tough week for the market bellweather

The major US indices had a volatile go at it today.

• The Dow industrial average had a range of about 800 points
• The S&P index had a range of 137 points or 2.07%
• The NASDAQ index had a range of 627 points or 2.28%

The initial move was to the downside, and the selling took the price of the broader S&P and NASDAQ indices below its 100 day moving averages. A close below that key MA would have been the first since May 9. However, the momentum couldn’t continue and the price stepped back above the MA and into positive territory.

Each of the major indices are closing higher on the day. A snapshot of the closing levels shows

• Dow industrial average rose 493.30 point or 1.08% at 46245.56
• S&P index rose 64.20 points or 0.98% at 6602.96
• NASDAQ index rose 195.03 points or 0.88% at 22273.08.

For the trading week, the 3 major indices closed solidly lower

• Dow industrial average -1.91%
• S&P index -1.95%
• NASDAQ index -2.74%

What was not up today was Nvidia. Despite its strong earnings on Wednesday after the close, the market bellwether was under pressure this week. Yesterday the stock tumbled -3.15%. Today the stock fell another -0.96%. For the trading week, the price tumbled -5.92%. Ouch.

Below is a sampling of some large cap stocks closed lower by 5% or more THIS WEEK, with AMD tumbling -17.43%, Micron down -16% and Oracle down -10.90. Bitcoin which tumbled to a low of around after trading at an all-time high of $126K not too long ago, ONLY fell -10.31% this week:

• AMD: -17.43%

• Raytheon: -17.17%

• Micron: -15.99%

• Strategy: -14.66%

• Roblox: -12.79%

• Robinhood Markets: -12.41%

• Western Digital: -11.81%

• Super Micro Computer: -11.61%

• Palantir: -11.07%

• Palo Alto Networks: -10.91%

• Oracle: -10.90%

• BTC/USD: -10.61%

• Grayscale Bitcoin (BTC): -10.37%

• Bitcoin Futures: -10.31%

• SoFi Technologies: -9.42%

• Celsius: -8.90%

• Snowflake: -8.79%

• CrowdStrike Holdings: -8.72%

• Uber Tech: -8.67%

• DoorDash: -8.42%

• Dell Tech: -8.39%

• Boeing: -7.63%

• Deutsche Bank AG: -7.47%

• Microsoft: -7.44%

• Salesforce Inc: -6.80%

• Trump Media & Technology Group: -6.68%

• Zoom Video: -6.60%

• Airbnb: -6.43%

• Netflix: -6.21%

• Qualcomm: -6.14%

• Amazon.com: -5.97%

• NVIDIA: -5.92%

• Boston Scientific: -5.66%

• Arm: -5.52%

• iShares Global Clean Energy: -5.52%

• Box Inc: -5.31%

• Home Depot: -5.11%

So although there was a rebound in the major indices today, the week was full of risk-off selling with two-hands.

The week’s brightspot? Alphabet after the new release of Gemini impressed. It rose 8.44% this week.