The Nasdaq Composite has one thing in common with Tiger Woods — a blown lead.
In fact, the technology-laden gauge saw its biggest reversal from a gain since Feb. 21, according to WSJ Market Data Group. At its peak, the index was up Tuesday by as many as 86.92 points, a gain of about 1.1%, only to limp out of the session with a loss. The Nasdaq COMP, -0.01% finished at 7,840.77, a slide of less than 0.1%.
The intraday erosion of momentum for the equity gauge, known for its concentration of popular technology and internet-related stocks, including Google-parent Alphabet GOOGL, +3.89% GOOGL, +3.89% , Apple Inc. AAPL, +0.73% and Microsoft Corp. MSFT, -0.29% , among many others, was a notable feature of Tuesday’s trading action.
The Nasdaq’s move also came as Alphabet jumped by more than 3% following earnings results that topped expectations.
Meanwhile, the Dow Jones Industrial Average DJIA, +0.79% rose 197.65 points, or 0.8%, to about 25,242, while the broad-market S&P 500 index SPX, +0.48% gained 13.42 points, or 0.5%, to 2,820, with nine of its 11 main sectors closing higher.
Tuesday’s move for the Nasdaq had resulted in a fresh intraday record for the benchmark, with the market having been powered by optimism around a recent batch of second-quarter earnings. To be sure, the Nasdaq has outperformed its peer benchmarks since a February selloff sent the S&P 500 and the Dow into correction territory, typically defined as a decline of at least 10% from a recent peak.
The Nasdaq has climbed 13.6% so far in 2018, while the S&P 500 has gained 5.5% and the Dow has advanced by 2.1% in that time.
In reference to Woods, the golf pro held sole position of the lead at the British Open, a major championship on the PGA Tour, on Sunday until a double-bogey on the 11th hole and a bogey on the following hole knocked him soundly off his perch.