Angela Weiss/AFP via Getty ImagesA reversal in high-flying tech stocks sent major indexes sharply lower Thursday.Stocks experienced their worst day since June, with a sudden plunge Thursday in big tech shares such as Apple and Amazon driving the S&P 500 index down 3.5% and the Dow Jones Industrial Average down 2.8%.
It was those same high-flying tech companies that led the drop in the market, with Apple down by 8% and Microsoft losing more than 6%. The electric carmaker Tesla, which has become a favorite of day traders, lost 9%."The stock market has run a long way in a short amount of time, particularly in the technology sector. A pause to catch its breath is normal and healthy," said Greg McBride, chief financial analyst at Bankrate.com.There's More Big Tech In Your Life Than You Even Know.
Correction for the overvalued stocks, that's always how the market works. Nightmare for the day traders and shopping opportunity for the long term investors.
Meanwhile, on r/WallStreetBets...
When $CCL leads the market it’s time to take some profits
The stock market is entirely detached from reality due to the Fed and stimulus from the CARES Act. Does anyone think Republicans are going to agree to forgive any of these missed rent or mortgage payments?
You can only keep stock prices artificially high for so long.
Watch the market tank. October is the cruelest month for stocks. . Watch Trump blame Biden. Watch America realise that GDP and debt are almost equal. Watch as Covid-19 deaths creep up to the losses in WWl. Put it all to a soundtrack by Talking Heads. 'Letting the days go by.'
Maybe now the senate will give a shit and pass a bill to help struggling Americans, now that their portfolios are suddenly struggling
May also be associated with the Chinese Government announcing sweeping reforms to encourage the domestic semi-conductor industry. That'll shake things up.
for anyone who says the stock market is actually an indicator of economic health or Trump's administration doing something good, go f*ck yourself...
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Source: Forbes - 🏆 394. / 53 Read more »
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Source: CNBC - 🏆 12. / 72 Read more »
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Source: cnnbrk - 🏆 393. / 55 Read more »
Stock Market Sell-Off: Dow Plunges 750 Points, S&P 500 Falls 3.5%The Dow plunged 600 points this morning while the S&P 500 fell 3% by skleb1234 skleb1234 Soon return to last point. skleb1234 Wow. Great news for beers skleb1234 Is it shorting $TSLA that kicked this off?
Source: Forbes - 🏆 394. / 53 Read more »
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Source: BusinessInsider - 🏆 729. / 51 Read more »
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Source: cnnbrk - 🏆 393. / 55 Read more »