Nasdaq Down Triple Digits as Tech Stocks Plummet

The Dow is modestly higher this afternoon

Fernanda Horner

Digital Content Manager

Mar 26, 2025 at 12:21 PM

While the Dow Jones Industrial Average (DJI) is sporting a midday lead, the Nasdaq Composite (IXIC) is down 178 points this afternoon as tech stocks struggle. The S&P 500 Index (SPX) is lower as well, as investors eye the fast-approaching April 2 tariff deadline, though President Trump said in an interview duties will likely be more “lenient than reciprocal.” After yesterday's dismal consumer confidence reading, Wall Street is also on high alert for signs of a potential economic slowdown.

Continue reading for more on today's market, including:

Bitcoin investment plan lifts GameStop stock.
Dollar Tree set to sell subsidiary for $1 billion.
Plus, CHWY brushes off quarterly win; Cintas' beat-and-raise; and a struggling chip stock.

Chewy Inc (NYSE:CHWY) stock is seeing unusual options activity today, with 49,000 calls and 32,000 puts traded so far, which is 5 times the intraday average volume. The most popular contract is the weekly 3/28 37-strike call, but new positions are being sold to open at the 33.50-strike put in the same series. CHWY is down 2.3% to trade at $32.84 at last check, brushing off the pet goods e-tailer's revenue win for the fourth quarter and strong current-quarter revenue forecast. Shares boast an massive 115.9% year-over-year lead, but are struggling with overhead pressure at the 40-day moving average.

CHWY 40 Day

Cintas Corp (NASDAQ:CTAS) stock is leading the SPX today, last seen up 7.8% to trade at $208.46 -- its highest level since December. Today's pop follows the company's better-than-expected fiscal third-quarter earnings and revenue, which came alongside a hiked 2025 profit outlook. CTAS already sports a 32.2% year-over-year lead, and is now on track for its best single-day percentage pop since March 2024.

Meanwhile, Super Micro Computer Inc (NASDAQ:SMCI) stock is at the bottom of SPX today, down 6.2% to trade at $38.11 at last glance. The driver behind this negative price action remains unclear, but shares sport a 63.1% year-over-year deficit and are eyeing for a third-straight loss. The chip stock has struggled with a ceiling at the $45 level since February, but support remains at $35

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