Why the Nasdaq, with its ‘work-from-home’ tech giants, just posted its worst day in 7 weeks

The “work-from-home” trade didn’t work on Wednesday, as shares of high-flying technology companies swooned along with all three major U.S. stock indexes.

“Investors are moving out of equities as COVID-19 fears and a tightening presidential race add more uncertainty to an already uncertain market,” said James McDonald, chief executive at Los Angeles-based Hercules Investments. But other typical go-to safe-haven assets also sold off or languished Wednesday, despite the sharp rout in stocks. Gold futures GCZ20, -0.57% ended at a one-month low as some investors braced for margin calls, while U.S. Treasury yields TMUBMUSD10Y, 0.813% were flat.

That marks a “doubling of the broad U.S. equity market every 7.05 years across seven Republican administrations and five Democratic administrations,” he wrote in a market note.

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S&P 500, Nasdaq rise after upbeat economic dataThe S&P 500 and the Nasdaq rose on Thursday after upbeat economic data eclipsed worries about surging coronavirus cases, while technology heavyweights found support ahead of quarterly earnings reports. Upbeat data? What? If you’re talking about GDP, that should already be priced in. Market is up on stimulus narrative by ECB. These numbers are useless seeing as how the stock market does not represent our actual economy, which is in shambles Dow just 25 points up right now.
Source: Reuters - 🏆 2. / 97 Read more »