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After Tesla and Alphabet shares plunged on Wednesday following their disappointing earnings, the Nasdaq index fell to its one-month low, declining nearly 3%. The sell-off also extended to other large cap tech stocks like Apple, Microsoft, and Nvidia. The decline comes at a time when the market is witnessing an apparent shift of interest from mega caps to small caps with a section of investors questioning how much juice might be still left in the magnificent seven stocks. Let’s take a look at how retail is treating the top constituents of Nasdaq.1. Apple Inc: Shares of the iPhone-maker fell over 3% on Wednesday as part of the broader sell-off in mega caps. Retail sentiment is currently trending in the neutral territory (53/100) with retail investors appearing to be divided over whether the big tech rally is really over or is there some more upside left. Meanwhile, Wall Street continues with its positive take on the stock. JPMorgan analysts reportedly placed the stock on their ‘Positive Catalyst Watch’ list and have raised their price target to $265 from an earlier target of $245. With Apple currently trading near the $218 mark, the new price target leaves an upside potential of over 20%.<figure class="image"><img style="aspect-ratio:801/236;" src="https://st-everywhere-cms-prod.s3.us-east-1.amazonaws.com/Screenshot_2024_07_24_at_2_43_57_PM_f1b3628427.png" alt="Retail sentiment trends in neutral territory for Apple" width="801" height="236"><figcaption>Retail sentiment trends in neutral territory for Apple</figcaption></figure>2. Microsoft: Shares of the tech major fell over 3.5% on Wednesday. The firm was in news recently after it reported a major global outage that impacted its Microsoft 365 and Azure cloud services. The outage was so severe that it ended up disrupting airlines, stock market and banks around the world. As the shares continue to face selling pressure in the wake of the investment churn out of mega-caps, retail investors appear to be giving it the benefit of doubt with the sentiment meter trending in the neutral zone (53/100).3. Nvidia Corp: Shares of the chip-maker were down over 5% on Wednesday. The stock witnessed some insider selling recently with CEO Jensen Huang reportedly selling 240,000 shares of the company. Meanwhile, the company was in the news lately after a Reuters report stated that it has cleared Samsung’s HBM3 chips to be used in its processors for the first time. Nvidia also received a price target upgrade with Piper Sandler raising its price target on the stock to $140 from an earlier target of $120. Retail sentiment, however, is trending in the neutral zone (50/100).<figure class="image"><img style="aspect-ratio:789/231;" src="https://st-everywhere-cms-prod.s3.us-east-1.amazonaws.com/Screenshot_2024_07_24_at_2_44_47_PM_bfe75f4a23.png" alt="Retail sentiment trends in neutral territory for Nvidia" width="789" height="231"><figcaption>Retail sentiment trends in neutral territory for Nvidia</figcaption></figure>

As Nasdaq Hits One-Month Low, Here’s How Retail Is Treating Its Top Three Constituents

There’s a mix of positive and negative news as far as mega caps are concerned. However, retail investors appear to be undecided on the fate of these stocks in the short term.

Equity

Fidelity Covington Trust - Fidelity Nasdaq Composite Index ETF

Volume	458,561.00
52-Wk High	$73.58
52-Wk Low	$49.41

ONEQ Fidelity Covington Trust - Fidelity Nasdaq Composite Index ETF

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