The S&P 500 finished Thursday less than one point above its 50-day moving average, a critical support level that if broken could portend more losses for stocks. The Nasdaq Composite broke below its 50-day moving average earlier this week, and both indexes tallied their fourth straight day of declines. The Nasdaq-100, heavily exposed to megacap companies, was also on the cusp of breaking below the trendline. Kevin Smith, founder and chief investment officer at Crescat Capital, said now more than ever it pays to have tail-risk protection. The 'Magnificent Seven' group of elite megacap stocks has shed more than $3 trillion in market value so far in June, on track for the biggest monthly drop on record, with all seven members finishing in the red on Thursday. The Dow Jones Industrial Average, less exposed to tech, gained 71.72 points to close at 51,920.62, its second-highest close in history.
Apple Inc.
Amazon.com Inc
Alphabet Inc Class C
Microsoft Corporation
NVIDIA Corporation
Meta Platforms Inc.
Tesla Inc