The wireless technology company slides down from $125.66 to $124.06, losing $1.6 (1.27%).
Qualcomm is currently trading at $124.06 following the release of ISM Non-Manufacturing PMI (Nov) data from the United States.
Amid the market gloom, United States ISM Non-Manufacturing PMI (Nov) released today at 15:00 UTC with a figure of 56.5, while the previous figure was 54.4. United States Factory Orders beat analyst expectations of 0.7% and the previous reading of 0.3% with new data of 1%. United States ISM Non-Manufacturing Employment (Nov) released today at 15:00 UTC with a figure of 51.5, while the previous figure was 49.1.
Technical chart analysis shows Qualcomm could begin to recover as it approaches significant support, now 15 cents away from $123.91. Dipping below could be an indication that further losses are ahead.
In the meantime, negative performances are also seen in other technology stocks as after closing the previous session (Friday) at $144.56, Salesforce lost $8.56 and is trading around $136. Oracle is down to $80.2, losing 3.77%, after ending Friday at $83.35. Accenture plc Class A (Ireland) is down to $293.16, losing 2.32%, after ending Friday at $300.13.
Furthermore, United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 17:00 UTC.
The stock has been trending positively for about a month. After hitting an important low of $103.88 approximately a month ago, the wireless technology company has bounced back 20.97% since.