Dow drops 600 points as tech stocks fall again, Nasdaq down 10% in 3 days

as technology shares were under pressure once again following their worst sell-off in more than five months last week.dropped 4.1% to end the day at 10,847.69. Tuesday's drop put the tech-heavy Nasdaq down 10% over the past three sessions. In that time, the composite has fallen from a record into a correction on and intraday and closing basis.plunged 632.42 points, or 2.3%, to 27,500.89. The S&P 500 slid 2.8% to 3,331.84.

Facebook and Amazon were both down more than 4% Microsoft and Apple slid 5.4% and 6.7%, respectively. Netflix closed 1.8% lower and Alphabet lost 3.6%. Zoom Video fell by 5.1%. The S&P 500 tech sector dropped 4.6% and closed Tuesday's session more than 11% below an all-time high set on Sept. 2. "High valuations in the mega-cap stocks are stretched far beyond historical levels," said Bruce Bittles, chief investment strategist at Baird. "The technical indicators – high margin debt, fully invested mutual funds, CBOE options data showing record call volume, Wall Street letter writers at bullish levels -- pointed to excessive optimism in the market which often suggests a consolidation/correction phase is likely.

on tech stocks continuing to surge. The tech trade could lose some of its firepower if Softbank were to curb those bets. Semiconductor stocks were under pressure amid simmering U.S.-China trade tensions. Nvidia and Micron fell 5.6% and 3.2%, respectively. Applied Materials dropped 8.7%. Advanced Micro Devices pulled back by 4%. The VanEck Vectors Semiconductor ETF closed 4.4% lower.

Trump's battle with China is killing stocks......

Weird how Trump never talks about the stock market when it loses big. But then acts like he's making it rain money whenever it recovers what it lost as if it never went down to begin with. Kinda like he claims to have created millions of jobs recently from the recently lost jobs.

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Here’s why the Dow plunged last week and what’s ahead for the stock marketA bout of volatility returned to financial markets with a vengeance last week, disrupting a nearly uninterrupted climb to records for U.S. stock indexes and... I’m an optimist, and I’d like to see the market fall in half. Mathematically, with rates at zero, all stock prices should be at infinity. Many traders are betting on this ridiculous notion. I think they are stupid.
Source: MarketWatch - 🏆 3. / 97 Read more »