NDX Closed Lower Following MRVL's Negative EPS Reaction and Weakness in Semiconductor and Technology Stocks...Health Care, Consumer Staples and Real Estate Led Sectors...Markets Closed Monday for Labor Day...Happy Holiday!

© 2025

Markets are closed Monday for the Labor Day Holiday...Have a safe and relaxing weekend!  We're back on Tuesday.

A significant portion of Friday’s selling occurred in the technology and consumer discretionary sectors.  MRVL was lower on a negative EPS reaction and all but one of the 25 semiconductor stocks in SMH moved lower in sympathy.  Only TER +0.30% was positive.  Heavy selling also occurred in NVDA, AVGO and AMD.  In the consumer discretionary sector there was heavy selling in TSLA.

Notwithstanding weakness in semiconductor stocks and the technology sector, the SPX is just .64% below its all-time high on Thursday.  A one-day pullback with a lower shadow on Friday’s candle does not change the four and half month uptrend.  We are looking for a re-breakout and new highs next week.

SPX -41.60, 6,460, pulled back on a breakout test following Thursday’s breakout to a new high.  Breadth was mixed and weaker on Friday.

NDX -1.22%, closed lower following weakness in semiconductor and technology stocks following a MRVL negative EPS reaction.

DJI, 45,544 -0.20%, traded in a range, closed slightly lower, led by weakness in CAT, NVDA and MSFT.

MRVL -14.36, -18.60%, opened lower on a negative EPS reaction on an EPS beat, sales slight miss and softer guidance. 

DELL -11.90, -8.88%, opened lower on a negative EPS reaction on an EPS, Sale beat, raised FY 2026 guidance, issued softer guidance for Q3 EPS.

NVDA -5.99, -3.32%, moved in sympathy with a negative MRVL eps reaction, formed a 3-day bull flag pattern.

AVGO -11.26, -3.65%, is a bull flag bounce pause day.

Mega caps BRK/B, GOOGL, rose and AAPL, MSFT, AMZN, META, TSM, NVDA, TSLA, AVGO fell on Friday. 

SPY down 3.87 at 645.05, 74.4 million shares, above average volume,

VIX up .93 at 15.36

QQQ down 6.68 at 570.40

UNH, AXP, MRK, JNJ led DJIA, 16 advancers, +0

ADSK, COO, SJM, MOH the SPX, 285 advancers,

ADSK, KHC, CMCSA, PEP led NDX, 32 advancers,

Up:

Down: DIA, IWM, SPY, QQQ,

The SPY MFC green line turned down at 92.4 short-term bullish. -2.1

Six of eleven sectors were higher on Friday led by XLV, XLP and XLRE. 

Uptrend sectors: XLK, XLC, XLY, XLI, XLU, XLF, XLB,

Neutral sectors: XLP, XLE, XLV, XLRE,

Down trend sectors:

The 6-month intermediate trend breakout is up.  The ten-day trend is up a little.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

32 of 100 NDX stocks closed higher on Friday.

47 NDX stocks are above their 30 DMA: GOOGL, FAST, PEP, ORLY, PDD, BKR, ROST, TMUS, APP, AZN, EA, VRTX, IDXX, LIN, AAPL, MNST, MU, CPRT, REGN, ASML, INTC, NXPI, BKNG, ADI, TXN, CMCSA, AMZN, FANG, LRCX, MAR, MELI, PANW, PCAR, QCOM, TSLA, TTWO, NFLX, CSCO, CDNS, MDB, ABNB, DDOG, ADSK, ADBE, CTSH, KHC, WDAY,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 5

ADSK, ADBE, CTSH, KHC, WDAY,

Moving Below 30 DMA = 8

AVGO, AXON, BIIB, LULU, META, MRVL, NVDA, ZS,

Add Comments here: