The tech group’s deep decline caused Nasdaq to lose more than 4% yesterday, while the S&P 500 recorded its worst streak in months. Cat And Mom A Bond That Can’t Be Broken Vintage Retro Shirt
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In the trading session yesterday (September 8), US stocks continued to plunge. Nasdaq Composite fell 4.1% to 10,847 points, bringing the index’s decline in the last three sessions to 10% – its worst since early August.
The Dow Jones industrial index also fell more than 632 points (2.3%) to 27,500 points. The S&P 500 was trading 2.8% lower than the reference, about 3,331 points. The index also fell nearly 7% in the last three sessions, the most negative level since June.
Tesla shares, a stock that is heavily speculated, fell a record more than 21% after the S&P Dow Jones Indices decided not to add the stock to the S&P 500 index basket. Tesla was added to the group of 500 companies with the highest market capitalization on the US stock exchange. Analysts believe that this decline has shown the level of risk when stocks are speculated on the Nasdaq.
Apple shares also fell 6.7%, leading the decline of the technology group. In the last three sessions, this code has lost more than 14% of market price. According to Bespoke Investment Group, the decline in these three sessions is the strongest since October 2008.
Other technology stocks also shared the same situation. Shares of Facebook and Amazon both fell more than 4%. Microsoft lost 6.7%, Netflix and Alphabet fell 1.8% and 3.6%, respectively. Video Zoom also traded 5.1% lower. The technology sector in the S&P 500 lost 4.6%, closing yesterday more than 11% lower than its all-time high.
“The valuation of the super-large-cap stocks has gone far beyond historical levels,” said Bruce Bittles, head of the investment strategy at Baird. “Technical indicators all show an overly optimistic sentiment. in the market and this often signals that a period of correction is about to begin. ”
Softbank shares on the Tokyo Stock Exchange also lost 7% at the beginning of the week when the company bought options, betting billions of dollars on the Cat And Mom A Bond That Can’t Be Broken Vintage Retro Shirt possibility of technology stocks continuing to rise.
Semiconductor stocks were also under pressure amid rising US-China trade tensions. Shares of Nvidia and Micron fell 5.6% and 3.2%, respectively. Shares Applied Materials lost 8.7%. Shares of Advanced Micro Devices fell 4%.
Last week, Wall Street recorded its first drop in six consecutive upturns following a reversal in major tech stocks. The top stocks of this group like Amazon, Apple, Microsoft and Facebook were sold off, making Nasdaq Composite having the worst trading week since March 20. Dow Jones and S&P 500 also recorded the Cat And Mom A Bond That Can’t Be Broken Vintage Retro Shirt strongest decline since June.
Many Wall Street investors believe that the Cat And Mom A Bond That Can’t Be Broken Vintage Retro Shirt group’s weakness is rooted in fears that technology stocks have been pushed too high and unsustainable. Even with last week’s correction, Nasdaq is still up more than 70% from its March low.