Before the Bell: Tech stocks plunge as slowdown fears spike

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The megacap techs paced losses after August’s moderate jobs data miss further frayed nerves, stoking concerns the Fed has waited too long to cut rates.

An index that tracks the magnificent seven US tech megacaps tumbled, with Tesla dropping more than 8 per cent, Nvidia and Alphabet down more than 4 per cent and Amazon and Meta Platforms each losing at least 3.2 per cent.

“We would not be sellers here,” Lee also said. “Though we urge caution over the near term, we see more upside than downside for stocks.”Ten of the 11 S&P 500’s industry sectors finished lower; real estate closed flat. The S&P 500 and the Dow had their biggest weekly drop since March 2023, at 4.2 per cent and 2.9 per cent respectively. However, the Nasdaq registered its biggest weekly drop since January 2022 at 5.8 per cent.

“In my opinion, nothing screams out from the overall set of numbers that the Fed should be in panic mode and feeling a rush to upsize,” Scotiabank’s Derek Holt said. “The first cut shouldn’t be the deepest in this case.” Williams said: “The stance of monetary policy can be moved to a more neutral setting over time depending on the evolution of the data, the outlook, and the risks to achieving our objectives.” He also said he had no personal view on the policy outlook.

 

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