The main small cap stocks that are plunging: Canopy Growth Corporation, Marathon Digital Holdings, Inc., Novavax, Inc.
Leading equity indices in the US declined as after dropping 1.49%, Nasdaq closed at 10,546. S&P 500 was down 0.9% before closing the session at 3,817.66.
What is a downtrend?
The perceived tendency of a price to move in a downward direction over time. A downtrend describes the price movement of a continously depreciative financial asset over a particular time frame. In a downtrend, each successive low and peak is lower than the ones found earlier in the trend. The downtrend is therefore composed of lower swing lows and lower swing highs.
| Canopy Growth | continues an 11 day decline; falls 7.31% yesterday
After setting a $2.38 – $2.61 range, Canopy Growth Corporation closed the day 7.31% lower at $2.41. An influx of sellers pushed the Canadian cannabis supplier to session lows around $2.38 while establishing a $2.38 to $2.61 session range yesterday. Yesterday's trading volume was 12.76 million shares which is slightly below the 21-day average of 15.52 million.
| Marathon Digital Holdings, Inc. | 44% ($3.03) depreciation over 12 days (25.25 cents per day average)
After setting a $3.69 – $3.95 range, Marathon Digital Holdings, Inc. closed the day 0.26% lower at $3.87. Grinding lower but with no clear-cut direction, the crypto mining company closed the session at $3.87 after forming a distinct $3.69 – $3.95 range. Yesterday's trading volume was 11 million shares which is under the 21-day average of 18.95 million.
Novavax continues a 4 day downtrend; dips 6.44% yesterday
After setting a $9.87 – $11.3 range, Novavax closed the day 6.44% lower at $10.32. Pronounced bearish sentiment in the market pushed the US vaccine developer into a notable 6.44% slide yesterday, falling 71 cents and ultimately closing at $10.32. The day's trading volume totalled 7.36 million shares — slightly below the 21-day average of 7.93 million.